The price of an iphone 12 is initially £1250 at which 3.8 million phones are sold. A year later the price of an iphone 12 is £950 at which 5.5 million phones are sold. What is the price elasticity of demand? a) -1.86 b) -0.54 c) -6.03 d) -1.90
The price of an iphone 12 is initially £1250 at which 3.8 million phones are sold. A year later the price of an iphone 12 is £950 at which 5.5 million phones are sold. What is the price elasticity of demand? a) -1.86 b) -0.54 c) -6.03 d) -1.90
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter19: Elasticity
Section19.1: Elasticity: Part 1
Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...
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a) -1.86
b) -0.54
c) -6.03
d) -1.90
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