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24-07-2018
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Given a linear demand curve, at which combination of price and marginal revenue (p, mr) is the price elasticity of demand greater than 1?

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25-07-2018

Take note that the midpoint of any linear demand curve is unitarily elastic, meaning its PED = 1. Anything above is elastic, meaning greater than 1, therefore any combination of price and marginal revenue provided it is above the midpoint will be elastic.

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