The following table shows worldwide sales of a certain type of cell phone and their...

90.2K

Verified Solution

Question

Basic Math

image

The following table shows worldwide sales of a certain type of cell phone and their average selling prices in 2012 and 2013.Yearq(p) =2012Selling Price ($) 395Sales (millions) 70220133351,050(a) Use the data to obtain a linear demand function for this type of cell phone. (Let p be the price, and let q be the demand).29p5+2993Use your demand equation to predict sales if the price is lowered to $235.1630? million phones(b) Fill in the blank.For every $1 increase in price, sales of this type of cell phone decrease by 8IVIT IX million units.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students