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A recent empirical study of the demand for automobiles revealed that the elasticity for a Cadillac Escalade is -4. According to goodcarbadcar.com, 25,600 Cadillac Escalades

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A recent empirical study of the demand for automobiles revealed that the elasticity for a Cadillac Escalade is -4. According to goodcarbadcar.com, 25,600 Cadillac Escalades were sold in 2013 at a price of $64,000. What is the inverse demand curve for a Cadillac Escalade? OP = -0.625Q + 65,600 O P = -1.6Q + 128,000 OP = -0.1Q + 66,560 OP = -0.625Q + 80,000 OP = -1.6Q + 104,960

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