5. a) A survey found that price elasticity of demand for mobile phones varied greatly among different
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5. a) A survey found that price elasticity of demand for mobile phones varied greatly among different age groups, with people over 40 having an average price elasticity of 1.1, whereas people under 25 had an average price elasticity of 0.7. i) Briefly explain what do these figures mean? ii) Briefly explain why these different age groups have different elasticities.
Related Book For
Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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