Calculate the elasticity coefficient of demand under the following scenario. Suppose that a producer raises the price of a good from $4 to $7, and the quantity sold drops from 250 to 200 units. A) What is the elasticity coefficient of demand for this good? B) Is demand for the good elastic or inelastic? In the case of an industry that society wants to see converted from a monopoly to a competitive market answer the following questions.

Assume: Demand is Q=100-P MC=AC=$15 MR=100-2Q

A) Calculate the prices and quantities under monopoly and competition B) Calculate Total Surplus under monopoly and competition C) Use the appropriate graph to illustrate the answers to part A &B D) What is the cost to society of the monopoly? E) How much surplus would consumers have to forgo to compensate the monopolist for transitioning the industry to a competitive market?