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Monthly purchases in a market for smartphones are shown in the below table. a. Fincl sellers' total revenue at each price. Sellers' total revenue is
Monthly purchases in a market for smartphones are shown in the below table. a. Fincl sellers' total revenue at each price. Sellers' total revenue is $ million at a price of $600, $ million at a price of$400, $ million at a price of $200. and $ |:| million at a p ice of$1 b. In the price range $600 to $400 the market demancl curve for smartphones is {Click to select) v . since Brice ancl total revenue (Click to select} v _ In the price range $400 to $200 the market demand curve for smaltphones is (Click to select] v , since price and total revenue (Click to select} V . In the price range $200 to $0 the market demancl curve for smartphones is (Click to select} v . since price and total revenue (Click to select} v _ c. Calculate the numerical values ofthe price elasticity ofdemand, ed, in the three relevant price ranges. Enter your responses below rounded to two decimal places. Include a minus sign {} in front of any negative values. Do not round your interim: calculations before obtaining the final solution (Le. do not clear your calculator}. Between prices $600 to $400, the numerical values of the price elasticity of demand is Between prices $400 to $200, the numerical values of the price elasticity of demand is Between prices $200 to $0, the numerical values ofthe price elasticity ofdemand is E. d. Are your answers to parts b and c for the three relevant price ranges consistent? 0 Yes 0 No
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