Revenue at a major smartphone manufacturer was $1.3 billion forthe nine months ending March 2, up 86

Revenue at a major smartphone manufacturer was $1.3 billion forthe nine months ending March 2, up 86 percent over revenues for thesame period last year. Management attributes the increase inrevenues to a 109 percent increase in shipments, despite a 32percent drop in the average blended selling price of its line ofphones. Given this information, is it surprising that the company’srevenue increased when it decreased the average selling price ofits phones? Yes. Own price elasticity is -0.29, which means demand isinelastic and a decrease in price will decrease revenues. No. Own price elasticity is -0.29, which means demand is elasticand a decrease in price will raise revenues. No. Own price elasticity is -3.41, which means demand is elasticand a decrease in price will raise revenues. Yes. Own price elasticity is -3.41, which means demand iselastic and a decrease in price will decrease revenues. . . .

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