Worldwide annual sales of smartphones over a two year period were approximately q = -5p + 3,020 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. E = (b) In one of the years the actual selling price was $375 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decimal places.) E = Interpret your answer. The demand was going -Select- v by about | % per 1% increase in price at that price level. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $ What would have been the resulting annual revenue? (Round your answer to two decimal places.) | billion
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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