The following table shows worldwide sales of a certain type of cell phone and their average wholesale prices in 2009 and 2010. Quarter Q1 2009 Q1 2010 Wholesale Price ($) 168 158 Sales (millions) 180 219 (a) Use the data to obtain a linear demand function for cell phones. q(p) = Use your demand equation to predict sales to the nearest million phones if the price was set at $161. (Round your answer to the nearest million phones.) 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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- For Q1 2009: Price \( p_1 = 168 \), Sales \( q_1 = 180 \) million units. - For Q1 2010: Price \( p_2 = 158 \), Sales \( q_2 = 219 \) million units. Show more…
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