Please help and quickly if possible

A small school has 200 students. You have been commissioned school photographer.

1.As a photographer, you have to keep your equipment up to date and invest in a new lense and a suitable background screen for the school photos. Together, this costs you $1000. What kind of cost are these for your business? And what kind of cost is the time you spend on photo editing?

2. Without calculating, do you think parents' price elasticity of demand for photos of their children is generally speaking price-elastic or price-inelastic (or neither/both)? Give your reason.

3. Since you are the only commissioned school photographer, you are a monopolist for this job. Suppose that you want to charge a uniform price per copy (i.e. be a single-price monopolist).From experience, you know that parents' demand for copies of each child's photograph is as given in the table below.Your marginal cost is constant at $4.00 per copy.

Price ($/copy) Quantity demanded per child

12 1

10 2

8 3

6 4

4 5

2 6

a. How much will you charge to maximise your profit? How many copies per child will you sell? Include the steps of your calculations.

b.Suppose that you decide to practice perfect price discrimination instead of charging a single price for all copies. What is your profit-maximising number of copies per child? Explain.

c.Under perfect price discrimination, how much will you charge for the first copy? The second copy?Each successive copy?

d.Under perfect price discrimination, how much is the parents' consumer surplus?Explain.