2.13 You are the manager of a monopoly. a. If the marginal cost of your product is...
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2.13 You are the manager of a monopoly.
a. If the marginal cost of your product is $100 and the price elasticity of demand for your product is 3, what markup of price over marginal cost do you set?
b. If the price elasticity of demand is 6 rather than 3, what markup do you set?
c. Use your knowledge of the price elasticity of demand to carefully explain your answers to parts a and b.
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