Assume that the cross-price elasticity of demand between apple phones and samsung phones is 1.4. If...
Assume that the cross-price elasticity of demand between apple phones and samsung phones is 1.4. If the price of apple phones increases by 5%, then the quantity demanded of samsung phones will___?
A. increase by 6.4%
B. increase by 7.0%
C. decrease by 7.0%
D. increase by 9.6%
E. decrease by 9.6%
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