Suppose the equilibrium price in the market is $60 and the marginal revenue associated with the linear (inverse) demand function is $20. Then we know that the own price elasticity of demand is?

Explanation:

the own  price elasticity of demand calculated with the formula

MR ( marginal revenue ) = P ( equilibrium price ) ( 1 + (1/ ED) where ED is price elasticity of demand

20 = 60 ( 1 + ( 1/ED)

(20 / 60) - 1 = 1 / ED

-0.6667 = 1 / ED

ED = 1 / - 0.666667 = -1.5

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; i believe the correct answer is (tall); ///good luck