The following table shows worldwide sales of a certain type of cell phone and their average selling prices in 2012 and 2013. Year 2012 2013 Selling Price ($) Sales (millions) 928 1,144 375 335 (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). q(p) = -5.4p + 3185 X Use your demand equation to predict sales if the price is lowered to $255. 1808 X million phones

The following table shows worldwide sales of a certain type of cell phone and their average selling prices in 2012 and 2013. Year 2012 2013 Selling Price ($) Sales (millions) 928 1,144 375 335 (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). q(p) = -5.4p + 3185 X Use your demand equation to predict sales if the price is lowered to $255. 1808 X million phones

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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