So in class we talked about how a D-type edge triggered flip flop is considered a 1bit memory cell. I think this is the same for a D-type latch.
My question is, since a D-type edge triggered master slave flip flop uses 2 D-latches, is it considered a 1bit memory cell or 2bits since it has 2 D-latches? And if it is, if I wanted to theoretically create a 1MB memory module entirely out of master slave flip flops, would I just take 1MB and divide by 2 bits(or however many bits the flip flop has)?
Yes, technically, a master-slave flip-flop counts as 2 bits of memory. However, because of the way they're connected, you can't really store (and then retrieve) two independent bits of information in them.
A cascaded sequence of D-latches which uses N clock phases will require N latches for every N-1 bits. A flip flop uses two D-latches will thus need two latches to store one bit. On the other hand, a sequence of 20 D-latches which were triggered on four different phases in a suitably-rotating rotating pattern would be able to hold 16 bits. I haven't seen such a pattern used very often, but it could relatively easily yield a significant space savings.