An equation relating demand q and price p is given. Compute the elasticity of demand for the given price. dp/bp q/p %3D answer to two decimal places.) Hint: Use the alternate formula for E as a function of p, E(p) : q + 80 In(2p) = 600 p = 500 Is the demand elastic or inelastic? The demand is elastic.

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A: Here, I have taken marked price as $100.

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