The following table shows worldwide sales of a certain type of cell phone and their...
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The following table shows worldwide sales of a certain type of cell phone and their average selling prices in 2012 and 2013.Yearq(p) =2012Selling Price ($) 395Sales (millions) 70220133351,050(a) Use the data to obtain a linear demand function for this type of cell phone. (Let p be the price, and let q be the demand).29p5+2993Use your demand equation to predict sales if the price is lowered to $235.1630? million phones(b) Fill in the blank.For every $1 increase in price, sales of this type of cell phone decrease by 8IVIT IX million units.
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