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The price elasticity of demand for smart phone manufactured by Samsung of Korea is greater than one. If the Korean won appreciates against the U.S.
The price elasticity of demand for smart phone manufactured by Samsung of Korea is greater than one. If the Korean won appreciates against the U.S. dollar by 10% and the price of the Samsungs smart phone in the U.S also rises by 10%, then other things equal, the total dollar sales revenues of Samsung smartphone would:
1. | insufficient information | |
2. | decline. | |
3. | increase | |
4. | stay the same. |
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