Question: Please help me answer the question, thx! Suppose a rm is selling a new model of smartphones. The demand function for the smartphone is given

Please help me answer the question, thx!

Please help me answer the question, thx! Suppose
Suppose a rm is selling a new model of smartphones. The demand function for the smartphone is given by 111(p) : 10.21n(q) The supply function of the smartphone is given by 111(9) : 6 +51n(p) In the above functions, we assume p is the price of the smartphone and its unit is thousand dollars; 9: is the quantity and the unit is thousand smartphones. a. (2 marks) What is the equilibrium price? (ignore the dollar notation, just ll in the numerical answer, round your answer to 2 decimal places) ':| Thousand Dollars. b. (1 mark) What is the revenue ofthe rm at the equilibrium? (Note the unit in the answer below is Million Dollars. Please ignore the dollar notation, just ll in the numerical answer, omit a comma in expressions like 10,000 etc., and round your answer to 2 decimal places) ':| Million Dollars

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