Based on the best available econometric estimates, the market elasticity of demand for your firm's product is =3. The marginal cost of producing the product is constant at $100, while average total cost at current production levels is $175. Determine your optimal per unit price if: Instructions: Enter your responses rounded to two decimal places. a. you are a monopolist. % 3 b. you compete against one other firm in a Cournot oligopoly. % 120 C. you compete against 19 other firms in a Cournot oligopoly. S 165 Suppose the European Union (EU) was investigated and proposed a merger between two of the largest distillers of premium Scotch liquor. Based on some economists' definition of the relevant market. the two firms proposing to merge enjoyed a combined market share of about two-thirds, while another firm essentially controlled the remaining share of the market. Additionally, suppose that the (wholesale) market elasticity of demand for Scotch liquor is 1.2 and that it costs $14.90 to produce and distribute each liter of Scotch. Based only on these data, provide quantitative estimates of the likely pre- and postmerger prices in the wholesale market for premium Scotch liquor. Instructions: Do not round intermediate calculations. Enter your final responses rounded to the nearest penny (two decimal places). Pre-merger price: $ | 1655 | Post-merger price: $ 18.63 o