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

Marketing Jan 14, 2021

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.

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