Worldwide annual sales of smartphones over a five year period were projected to be approximately q = -10p + 4,380 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. P E = (10p - 4380 ) X (b) In one year the actual selling price was $293 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decimal places.) E = 0.0703 1X Interpret your answer. (Round your answer to two decimal places.) The demand was going | down v v by about .07 * % per 1% increase in price at that price level. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $ 219 What, to the nearest $10 million, would have been the resulting annual revenue? $ 953370 x million Need Help? Read It Master It Submit Answer Home My Assignments + Request Extension