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Say that Apple releases a new version of the iPhone that is a huge improvement over all other phones in the market and consumers go

Say that Apple releases a new version of the iPhone that is a huge improvement over all other phones in the market and consumers go crazy for it.Would you expect the price elasticity of demand for this phone to be elastic or inelastic?Explain why.Given this elasticity, would the demand curve for this phone be relatively flat or steep? (1 mark)

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