It is a monopolistic market, answer the following:

1.What is the quantity this monopoly will sell?

2.What price will this monopolist charge?

3.What is the markup?

4.What is the price elasticity of demand for the monopoly price and monopoly quantity?

5.What is the price elasticity of supply at the marginal cost and monopoly quantity?

6.A local researchers finds that the income elasticity of NY Yankee jerseys is positive. Does this make sense?

BRONX The graph below represents the market for NY Yankee jerseys. Price Supply 180 140 110 80 Demand 50 20 10 100 300 600 900 Qty