Worldwide annual sales on smartphones over a two year period were approximately q=-4p+3,020 million phones at a selling price of $p per phone. (a)obtain a formula for the price elasticity of demanding e. E=_____ (b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand? E=_____ What would’ve been the resulting annual Revenue? $_____billion
Worldwide annual sales on smartphones over a two year period were approximately q=-4p+3,020 million phones at a selling price of $p per phone. (a)obtain a formula for the price elasticity of demanding e. E=_____ (b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand? E=_____ What would’ve been the resulting annual Revenue? $_____billion
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
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Worldwide annual sales on smartphones over a two year period were approximately q=-4p+3,020 million phones at a selling price of $p per phone.
(a)obtain a formula for the price elasticity of demanding e.
E=_____
(b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand ?
E=_____
What would’ve been the resulting annual Revenue?
$_____billion
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