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Homework answers / question archive / Suppose the equilibrium price in the market is $24 and the price elasticity of demand for the linear demand function at the market equilibrium is -1
Suppose the equilibrium price in the market is $24 and the price elasticity of demand for the linear demand function at the market equilibrium is -1.5. Then we know that (show work):
A. demand is inelastic.
B. marginal revenue is $8.
C. marginal revenue is $20.
D. demand is unit elastic.