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Managerial Economics A Problem Solving Approach 5th Edition Application of Economic Concepts: ( Elastic or Inelastic ?) Simple Pricing - iPhone Question: The price of

Managerial Economics

A Problem Solving Approach

5th Edition

Application of Economic Concepts: ( Elastic or Inelastic ?)

Simple Pricing - iPhone

Question:

The price of iPhone went up from $500 to $1000, their quantity demanded fell from 2 million to 1.5 million.

Calculate the price elasticity of demand for iPhone.

Are iPhone elastic or inelastic based on your calculations.

Show your calculations

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