1. The demand and supply functions for a leading smart phone are furnished below:
Q^d_sp= 1,000 – 20Psp+ 2I;   Q^s_sp= –200 + 50Psp– 80W; where,
Q^d_sp = Quantity demanded in number of units
Q^s_sp = Quantity supplied in number of units
P_sp= Price per smart phone in $
I = Household income in $ per year
W = Wage rate in $ per hour
Currently, the firm has priced the smart phone at $250 per unit. If the wage is $10 per hour and the household income is $9,500 per year, the smart phone's equilibrium price is closest to: