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The following table shows worldwide sales of cell phones by a certain company and their average wholesale prices in the first quarters of 2009 and
The following table shows worldwide sales of cell phones by a certain company and their average wholesale prices in the first quarters of 2009 and 2010.
92 | 88 |
110 | 118 |
(a) Use the data to obtain a linear demand function for the company's cell phones. (Letpbe the price, and letqbe the demand).
q(p) = |
Use your demand equation to predict sales if the company lowered the price further to$80.
________million phones
(b) Fill in the blank. For every $1 increase in price, sales of cell phones decrease by________million units.
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