Multiple Choice
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:
A) 0.80
B) 1.20
C) 1.00
D) 1.67
E) 0.67
Correct Answer:
Verified
Correct Answer:
Verified
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