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Question is in the attached image. Thank you! 1) 3.) Explain what the inelastic portion of the demand curve is and why a monopolist will

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Question is in the attached image. Thank you!

image text in transcribed
1) 3.) Explain what the inelastic portion of the demand curve is and why a monopolist will never choose a level of output in this range b) Suppose the inverse demand curve is given by p = 10 any where p is price and y is output demanded. Consider a price change from p to p' and a corresponding change in demand from y to y'. Using the notation Ap = p' - p and A3,!' - y calculate the value of AB C) Given your answer to (a) and (b) above suppose that a = 2 what is the maximum level of Output that the mompolist wOuld produce

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