Concept explainers
Demand: Smartphones (See Exercise 35.) Here is another model for worldwide demand for smartphones:
a. Use the demand function to estimate, to the nearest million units, worldwide sales of smartphones if the price is $120.
b. Extrapolate the demand function to estimate, to the nearest million units, worldwide sales of smartphones if the price is $210.
c. Model the worldwide annual revenue from the sale of smartphones as a function of unit price, and use your model to estimate, to the nearest billion dollars, worldwide annual revenue when the price is set at $120.
[Hint:
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