Question
Provide an estimate of price and quantity sold in a recent period for Apple iPhone based on available data or estimates. Use whatever parameters are
Provide an estimate of price and quantity sold in a recent period for Apple iPhone based on available data or estimates. Use whatever parameters are available
Using the price and quantity you've identified, consider what would happen if this price were to increase by 10%. Estimate the new industry quantity based on your statement in answer a. about whether or not this industry would be elastic or inelastic. Calculate the elasticity coefficient based on your price and quantity estimates and the industry revenue before and after the price increase. Do not use data from two different periods.
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