ECON: According to Munster and the past-week Apple announcement about 1 million iPhones sold, the calculations take to the conclusion that after the price cut, the sales are up by more than 100%. . .

By Munster’s reckoning, Apple and AT&T were selling an average of 9,000 iPhones a day before the price reduction, which would have put their quarterly sales at 594,000 as of September 5. By the end of the quarter, he believes Apple will have sold a total of 1.28 million iPhones.

What was the price elasticity of demand for iPhones in 2007 if the percentage change in price was 40%?

Question

ECON: According to Munster and the past-week Apple announcement about 1 million iPhones sold, the calculations take to the conclusion that after the price cut, the sales are up by more than 100%. . .    

By Munster’s reckoning, Apple and AT&T were selling an average of 9,000 iPhones a day before the price reduction, which would have put their quarterly sales at 594,000 as of September 5. By the end of the quarter, he believes Apple will have sold a total of 1.28 million iPhones.

What was the price elasticity of demand for iPhones in 2007 if the percentage change in price was 40%?