Worldwide annual sales of smartphones over a two year period were approximately q = 75p + 3,060 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. 5? E = 5p + 3060 J (b) In one of the years the actual selling price was $375 per phone. What was the corresponding price elasticity of demand? [Round your answer to two decimal places.) E: 1.532 J Interpret your answer. The demand was going J by about 1.532 J We per 1% increase in price at that price level. (c) Use your formula for Eto determine the selling price that would have resulted in the largest annual revenue. 9 J What would have been the resulting annual revenue? (Round your answer to two decimal places.) $ 463180 A Billion Need Help? The consumer demand equatlon for tissues is given by q = [95 l.502, where p is the price per case of tissues and g is the demand in weekly sales. {a} Determine the price elasticity of demand E when the price is set at 532. {Round your answer to three decimal places.) Interpret your answer. The demand is going J by \\:| .-'c per 1% increase in price at that price level. [b] At what price should tissues be sold to maximize the revenue? | Round your answer to the nearest cent. '- $|:| {c} Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) _ - . . (b) At what price should tissues be sold to maximize the revenue? | Round your answer to the nearest cent. ' $:|