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PROBLEM SOLVING/ESSAY: 1. Suppose the elasticity of demand for the parking lot spaces at SM Downtown is -2 and price is 160 per day. If

PROBLEM SOLVING/ESSAY:

1. Suppose the elasticity of demand for the parking lot spaces at SM Downtown is -2 and price is 160 per day. If the MC is zero and the parking lot is 75% full at 10 a.m. over the last month, are they optimizing?

a. Justify your answer.

b. Show solution.

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