A study of the demand for air travel between two cities depends on the airfare according to the following demand equation. q=55.2-0.024p a. Find the elasticity when the price is $166.59. E=[ (Round to the nearest thousandth as needed.) b. Is the demand for airfare elastic or inelastic at this price? The demand for airfare at $166.59 is c. Find the price that maximizes revenue. Revenue will be maximized when the price is $ (Round to the nearest dollar as needed.)

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