Worldwide annual sales of smartphones over a two year period were approximately C; = 6p + 3,090 million phones at a selling price of $p per phone. (3} Obtain a Formula for the price elasticity of demand E. E= X (b) In one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decimal places.) E = :l Interpret your answer. The demand was going J by about|:| x 0/0 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. $ |:| What would have been the resulting annual revenue? (Round your answer to two decimal places.)