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The quantity demanded of smartphones increases by 15 million units from an initial quantity of 22.5 million phones when its price drops from $500 to

The quantity demanded of smartphones increases by 15 million units from an initial quantity of 22.5 million phones when its price drops from $500 to $300. Therefore the price elasticity of demand has a numerical value of:

0.67

1.00

0.80

1.20

1.67

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