where is the absolute value of the elasticity of demand. We also showed that LI can be alternatively expressed as PMCP.Use these relationships to show that LI can never exceed 1. What does this imply is the minimum demand elasticity we should ever observe for a monopolist?

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where  is the absolute value of the elasticity of demand. We also showed that LI can be alternatively expressed as PMCP.Use these relationships to show that LI can never exceed 1. What does this imply is the minimum demand elasticity we should ever observe for a monopolist?

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