Assume that an iPhone currently sells for 200 and at this quantity, 10 million units are purchased.
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Assume that an iPhone currently sells for £200 and at this quantity, 10 million units are purchased. The price now falls to £170. If the price elasticity of demand (using the formula: percentage change in quantity demanded/percentage change in price) is calculated to be −1.5, by how many units will the quantity demanded increase?
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Related Book For 
Essential Economics For Business
ISBN: 9781292728940
7th Edition
Authors: John Sloman, Elizabeth Jones
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