Think of a good or service with which you are familiar and for which there has...

Think of a good or service with which you are familiar and for which there has been a recent change in quantity demanded because of a change (up or down) in price.What is the good or service? What is your best estimate of the original quantity demanded? New quantity demanded? (please explain your units carefully.) You don’t need to do research: these numbers can be a best “guess.” What is your best estimate of the original price? New price? (please explain your units carefully.) What is price elasticity of demand for this good or service? Please show your work.How does this elasticity compare with others listed in the textbook?

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Expert Solution

1. The great or administration that can be considered for this situation is Smartphones. Fall in the costs of Smartphones for as far back as scarcely any years has prompted increment in the amount requested of Smartphones.

2. The first amount requested was 20 million and the new amount requested is 30 million.

3. Unique costs were close to $700 at first and now it has tumbled to $528.

4. The value versatility of interest = Percentage change in amount requested/Percentage change in cost = 50/ - 24.5 = - 2.04.

5. The above figure shows that the request of the great is versatile. Note: dear student please leave an upvote, it will be a great appreciation for enhancing my subject knowledge thank you so much for being a learner, happy chegging

Rahul Sunny answered 1 year ago

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