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Uber is a new car ride service in town. The market demand function for Uver rides is estimated to be q = 148 p 31u,
Uber is a new car ride service in town. The market demand function for Uver rides is estimated to be q = 148 p 31u, where pu is the price of an Uver ride.
Part 1. The absolute value of the price elasticity of demand for Uver rides is ________.
Part 2 This demand function is
a) always elastic
b) always inelastic
c) always unit elastic
d) elastic at high prices, inelastic at low prices, and unit elastic at one point.
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