Question: Question 5. (10 points) Initially Apple sold the iPad for $500 and the marginal cost was approximately $220. a) What was Lerner index? b) What

Question 5. (10 points) Initially Apple sold the iPad for $500

Question 5. (10 points) Initially Apple sold the iPad for $500 and the marginal cost was approximately $220. a) What was Lerner index? b) What was price elasticity of demand for and iPad in the short run

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