a.The demand for Key Lime Lacroix (the best flavor of Lacroix) is: = 12^2 where P is the price of a can of Lacroix in dollars and Q is the quantity in millions of cans. a. What is the own-price elasticity of demand for Key Lime Lacroix? [8]

b. The National Beverage Corporation, a monopolist, is thinking about how much to charge for Key Lime Lacroix, and they ask you for advice. If they want to maximize their profits, how much should they mark up the price of Key Lime Lacroix relative to its marginal cost (in percent terms)?

c. Suppose Key Lime Lacroix costs $1 per can to manufacture. Solve for the monopolist's profit-maximizing price of a can of Key Lime Lacroix. [5]