Worldwide annual sales of smartphones over a two year period were approximately q=-5p+3030 million phones at a selling price of $p per phone. (a) Obtain a formula for the price of elasticity of demand E. E=(b)In one of the years the actual selling price was $365 per phone. What was the corresponding price elasticities of demand? Round your answer to two decimal places. The demand was going down by about ______% per 1% increase in the price that price level. (c) Use your formula E to determine the selling price that would have resulted in the largest annual revenue. $_______What would’ve been the resulting annual revenue? (Round your answer to the two decimal places.)$______billion Worldwide annual sales of smartphones overtwo year period were approximately q = -5p + 3,030 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 $365 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decímal places.)E =Interpret your answer.The demand was going downv by about% per 1% increase in price at that price level.(c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue.$What would have been the resulting annual revenue? (Round your answer to two decimal places.)billion

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Description: Worldwide annual sales of smartphones over a two year period were approximately q=-5p+3030 million phones at a selling price of $p per phone. (a) Obtain a formula for the price of elasticity of demand E. E=(b)In one of the years the actual selling pr

a) Here, million phones at a selling price of $ p per phone. Differentiate with respect to p, Now,…

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Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter2: Equations And Inequalities

Section2.6: Inequalities

Problem 88E

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Worldwide annual sales of smartphones over a two year period were approximately q=-5p+3030 million phones at a selling price of $p per phone. (a) Obtain a formula for the price of elasticity of demand E. E= (b)In one of the years the actual selling price was $365 per phone. What was the corresponding price elasticities of demand? Round your answer to two decimal places. The demand was going down by about ______% per 1% increase in the price that price level. (c) Use your formula E to determine the selling price that would have resulted in the largest annual revenue. $_______ What would’ve been the resulting annual revenue? (Round your answer to the two decimal places.) $______billion

Worldwide annual sales of smartphones over
two year period were approximately q = -5p + 3,030 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 $365 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decímal places.)
E =
Interpret your answer.
The demand was going down
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

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