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A firm in the market for designer jeans has some degree of monopoly power. The demand curve it faces has a price elasticity of demand

A firm in the market for designer jeans has some degree of monopoly power. The demand curve it faces has a price elasticity of demand of 2, while the price elasticity demand of the market is 1.5 Moreover, the firm has a constant marginal cost of $60

Given the informationabove, use the Lerner Index of Monopoly Power to calculate thefirm's monopoly power.

L=

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