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Firm M is a monopolist with marginal cost of $8/unit. When maximizing profit, Firm M charges a price of $19/unit. What elasticity of demand is
Firm M is a monopolist with marginal cost of $8/unit. When maximizing profit, Firm M charges a price of $19/unit. What elasticity of demand is Firm M facing at its current level of output? (Don't forget to include a minus sign in your answer) (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)
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