If worldwide annual sales of smartphones in 2014-2016 were projected to be approximately q=-5p+1,077 million phones at a selling price of p dollars. Find the price elasticity of demand when the price is 150. Do not round till the end, then round to two decimal places.   Based on your answer from the previous problem answer the follow questions: Was demand elastic or inelastic when the price $150? If the price is increased by a small amount, will revenue increase or decrease?

If worldwide annual sales of smartphones in 2014-2016 were projected to be approximately q=-5p+1,077 million phones at a selling price of p dollars. Find the price elasticity of demand when the price is 150. Do not round till the end, then round to two decimal places.

 

Based on your answer from the previous problem answer the follow questions: Was demand elastic or inelastic when the price $150? If the price is increased by a small amount, will revenue increase or decrease?

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