Worldwide annual sales of smartphones over a two year period were approximately q = -5p + 3,090 million phones at a selling price of $p_per phone. (a) Obtain a formula for the price elasticity of demand E. E = 5p + 3,090 | × (b) In one of the years the actual selling price was $315 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decimal places.) E = -1.0328 Interpret your answer. The demand was going down Ov by about 3.28 X % 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.) $ 0.48 X billion

Worldwide annual sales of smartphones over a two year period were approximately q = -5p + 3,090 million phones at a selling price of $p_per phone. (a) Obtain a formula for the price elasticity of demand E. E = 5p + 3,090 | × (b) In one of the years the actual selling price was $315 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decimal places.) E = -1.0328 Interpret your answer. The demand was going down Ov by about 3.28 X % 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.) $ 0.48 X billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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