Question: Consider the inverse market demand function p(Q) = 12 2Q. For what values of p is the demand function demand elastic with respect to price?

Consider the inverse market demand function p(Q) = 12 2Q. For what values of p is the demand function demand elastic with respect to price?

a. p>4 b. p<4 c. p>3 d. p<6 e. p>6

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