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Calculation of Price Elasticity: Change in quantity demanded: 3,5005,000=1,5003,500 5,000 = -1,5003,5005,000=1,500 Average quantity: (5,000+3,500)/2=4,250(5,000 + 3,500) / 2 = 4,250(5,000+3,500)/2=4,250 Change in price: 1,000800=2001,000 800 = 2001,000800=200 Average price: (800+1,000)/2=900(800 + 1,000) / 2 = 900(800+1,000)/2=900 Price Elasticity: (1,500/4,250)/(200/900)=1.88\left( -1,500 / 4,250 \right) / \left( 200 / 900 \right) = -1.88(1,500/4,250)/(200/900)=1.88 The arc method shows that the demand for the smartphone is elastic, indicating consumers are responsive to the price change

Hold the Cigar Gently Do not chew or bite your cigar

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This is called thirdhand smoke

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