Question
The price of iPhone went up from $500 to $1000, their quantity demanded fell from 2 million to 1.5 million. Calculate the price elasticity of
The price of iPhone went up from $500 to $1000, their quantity demanded fell from 2 million to 1.5 million. Calculate the price elasticity of demand for iPhone. Are iPhone elastic or inelastic based on your calculations.
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Macroeconomics
Authors: Charles I. Jones
3rd edition
978-0393123944, 393123944, 393923908, 978-0393923902
