Problem

Demand for Cell Phones The following table shows worldwide sales of cell p...

Demand for Cell Phones The following table shows worldwide sales of cell phones by Nokia and their average wholesale prices in the first quarters of 2009 and 2010:

a. Use the data to obtain a linear demand function for (Nokia) cell phones, and use your demand equation to predict sales if Nokia lowered the price further to $75.

b. Fill in the blanks: For every ____ increase in price, sales of cell phones decrease by ___ units.

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Solutions For Problems in Chapter 1.3

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