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Data Scientists at a large consultancy firm discover that the demand for Xiaomi cell phones is -1.25 while the demand for cell phones in general
Data Scientists at a large consultancy firm discover that the demand for Xiaomi cell phones is -1.25 while the demand for cell phones in general is -0.25.
(a) Draw the demand curves for Xiaomi cell phones and cell phones in the space provided. Be sure to label your axis and product name.
(b) Why is there is a difference in the elasticity of demand for the two goods mentioned above?
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