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…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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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?