Question
With the release of iPhones 11, the supply of iPhones 10 becomes P= 3 + 3Q while the demand is P=11-Q . Based on the
With the release of iPhones 11, the supply of iPhones 10 becomes P= 3 + 3Q while the demand is P=11-Q . Based on the point elasticity of demand and supply in absolute value at the new equilibrium, total revenue for iPhones 10 becomes ...
A. More because the demand for iphones 10 is inelastic.
B. Less because the demand for iphones 10 is inelastic.
C. More because demand for iphones 10 is inelastic.
D. Less because the demand for iphones 10 is elastic.
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International Business Competing in the Global Marketplace
Authors: Charles W. L. Hill
11th edition
1259578119, 978-1259578113
