please answer part C. this is ons quesrjon so youshould be able to. thanks3. Worldwide annual sales of smartphones in 2013-2017 were projected to be approximately-10p+4,360 million phones at a selling price of Sp per phone.9Obtain a formula for the price elasticity of demand E.10.dpP-10p +41360TOP-10044360In 2014, the actual selling price was $297 per phone. What wasthe corresponding price elasticity of demand? Interpret your answer.10 (297)2970297013902,14-10 (297)+4360-2970+4360Total revenue is declining at these An increasein price by percent brings a decrease of 1.2.14in revenue Demand is elastic(c)Use your formula for E to determine the selling price that wouldhave resulted in the largest annual revenue. What, to the nearest $10million, would have been the resulting annual revenue?10 (1)10. POL.0022-10 (1) +4360-1044360

To determine the selling price that would have resulted in the largest annual revenue.

Answered: (c) Use your formula for E to determine…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter2: Equations And Inequalities

Section2.3: Models And Applications

Problem 18SE: For exercises 17 and 18, use this scenario: A retired woman has $50,000 to invest but needs to make...

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Last year OHaganBooks.com experimented with an online subscriber service, Red On Line (ROL), for its e-book service. The consumer demand for ROL was modeled by the equation q = 900e−p2 + p, where p was the monthly access charge and q is the number of subscribers. (a)Obtain a formula for the price elasticity of demand, E, for ROL services. E(p) = _____ (b)Compute the elasticity of demand if the monthly access charge is set at $2 per month. E(2) = _____ (c)How much (in dollars) should the company have charged to obtain the maximum monthly revenue? $ _____ How much (in dollars) would this revenue have been? $ ______
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(c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. What, to the nearest $10. million, would have been the resulting annual revenue?