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4. A local dentist read an article published by the American Dental Association estimating that the elasticity of demand
Posted: Thu May 19, 2022 9:07 am
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4. A local dentist read an article published by the American Dental Association estimating that the elasticity of demand for the representative dentist's services is -3. The marginal cost of the service is $50. How much should the dentist mark up her price over marginal cost? State the pricing formula, state the markup factor, and compute the price using the pricing formula. (4 Points)