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Price Elasticity
A measure of the change in demand for a product relative to unit changes in the price of the product. If the percentage change in quantity demanded is greater than the percentage change in price there is the response to a change in price is said to be elastic.
What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
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A monopolist''s demand curve is P=100-2q. find his MR function. at what price is MR zero
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