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QUESTION
Suppose that a monopolist faces a demand curve: Q D = 3375P 3 They have constant marginal costs: MC = 10 a) What is the price elasticity of demand?
Suppose that a monopolist faces a demand curve: Q D = 3375P −3
They have constant marginal costs: MC = 10
a) What is the price elasticity of demand?
b) What is the monopoly price?
c) What is the markup over marginal cost? How is this related to the elasticity?
