MATH Math 12
Problem #3 In the first quarter of 2009, worldwide demand for smart phones was 174 million at an average wholesale price of $162 per phone. A year...
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Would really appreciate help on this problem, thank you!

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Problem #3
In the first quarter of 2009, worldwide demand for smart phones was 174 million at an
average wholesale price of $162 per phone. A year later the price had dropped to $152
and the demand increased to 213 million phones.
(A) Find a linear demand function q = mp + b for this data, where q is the demand for
smart phones, in millions, and p is the price in dollars. Show work/explain reasoning in
determining the values m and b for your function. Fill in the summary table at the bottom
of this page when you are finished.

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(B) Use your function to find the demand if the average wholesale price is $158. Show
work and put final answer in sentence form.

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(C) What will be the price when the demand has dropped to 140 million phones? Show
work and put final answer in sentence form.

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(D) Interpret the slope of your demand function. Your interpretation should be in the
form of a sentence like: "For every
increase in price, sales of smart phones
decreased by
units." Write a Sentence below this prompt; please do not fill in
the blanks.

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