Suppose we are studying the market for iphones, quantity of iphones is denoted q (the price of iphones is denoted p). there are only 45 consumers in this market; 15 consumer’s have the following inverse demand function: p(q)=2 - q10, and the other 30 consumer’s have the following inverse demand function: p(q) = 45 - 3q2 . the market supply of iphones is given by the function qs(p) = 30p, where qs(p) denotes quantity supplied as a function of the market price. (hint: can we derive the market demand curve from individual inverse demand curves? probably (a) what is the market equilibrium quantity and price for iphones? (b) what is the price elasticity of demand at the equilibrium price and quantity?

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.