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Revenue at a major smart phone manufacturer was $2.3 billion for the nine months ending March 2, up 85 percent over revenues for the same
Revenue at a major smart phone manufacturer was $2.3 billion for the nine months ending March 2, up 85 percent over revenues for the same period last year. Management attributes the increase in revenues to a 108 percent increase in shipments (quantity demanded), despite a 21 percent drop in the average blended selling price of its line of phones.
Given this information, What is the price elasticity of demand?
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