Question

Assume that revenue at a smartphone manufacturer was $5 billion in 2018, up 55 percent from...

Assume that revenue at a smartphone manufacturer was $5 billion in 2018, up 55 percent from 2017. Management attributes the increase in revenues to a 66 percent increase in shipments (quantity), despite a 32 percent decrease in the average selling price of the phones. What is the price elasticity of demand for the phones and is this consistent with the increase in revenue? Please give an explanation and show all calculations

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