What is the income elasticity of demand for cell phones

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Reference no: EM133791837

Problem

From the Php450 minimum wage, the salary increased to Php485. It will be noted that the cell phone sold has increased by 20 units from the original 100 units. What is the income elasticity of demand for cell phones? What type of revenue product is the cell phone? Why?

Reference no: EM133791837

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