Tutona Worldwide annual sales of smartphones in over a 5 year period were projected to be approximately q = -10p + 4,440 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. (b) In one particular year the actual selling price was $271 per phone. What was the corresponding price elasticity of demand? Interpret your answer. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. What, to the nearest $10 million, would have been the resulting annual revenue?

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A: 2  = 110.953 2 = 149.500 Coefficient of determination [r2] = 110.953/149.500 = 0.742

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Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.