Suppose that Kodak supplies its “Instamatic” film cameras according to the equation
Qs = -47,400 + 5,000*PK , where PK is the Kodak camera’s price.
Consumer demand for Kodak’s instamatic cameras is given by the equation
Qd = 33,600 - 100*PK + 2*PN - 50*LN
where PN is the price of the Nikon = $13,000 LN is the quality of the Nikon = 100
. . .
What is the minimum price at which Kodak will sell its instamatic camera?
You need to solve the following equation: $Qd(PK) = Qs(PK)$