Demand: Smart Phones The worldwide demand for smart phones may be modeled by
q( p) = 0.0009 − 0.63p + 245 million units sold annually (50 ≤ p ≤ 150),
where p is the unit price in dollars.
a. Graph the demand function.
b. Use the demand function to estimate, to the nearest million units, worldwide sales of smart phones if the price is $60.
c. Extrapolate the demand function to estimate, to the nearest million units, worldwide sales of smart phones if the price is $20.
d. Model the worldwide annual revenue from the sale of smart phones as a function of unit price, and use your model to estimate, to the nearest billion dollars, worldwide annual revenue when the price is set at $60. HINT [Revenue = Price × Quantity = p ? q(p)]
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