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

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The Answer of 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

The Quantity Demanded of Smartphones Increases by 15 Million Units