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Question: samsung is interested in the elasticity of demand in the...

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Samsung is interested in the elasticity of demand in the smart phones market, so it hired an economist to estimate the demand for smart phones. She found that, in the short run, demand is Qd=100-0.5P, and in the long run, demand is Qd=120-0.6P. In both the long run and the short run, P=$50

a. What is the price elasticity of demand in the short run?

b. What is the price elasticity of demand in the long run?

c. Given your answers to a. and b., is this more likely to be a durable good or a non-durable good?

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