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I need to understand the formula so I can get to the answer of this equation. 1.You are the owner of a Mom and Pop

I need to understand the formula so I can get to the answer of this equation.

1.You are the owner of a Mom and Pop store that buys milk from a supplier at a cost of $1 per gallon. You estimate the elasticity of demand for milk sold at your store to be -3.5.

a.What is your profit-maximizing markup?

b.What is your price?

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