Consider a market for custom plastic cups. The demand function is D(p) = 100 - 2p and supply S(p) = 4p-20. a. Calculate the elasticity of demand at any price. b. What is the equilibrium price? What is the elasticity of demand in equilibrium? C. d. Are revenues maximized at the equilibrium price? How do you know? If not, what should firms do to increase revenues?

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