r-E Home | myLU Homework: Pricing Strategies Assignment @QW Homework: Pricing Strategies Assignment 0 Saved Help References You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Analysts at your rm have determined that group 1's elasticity of demand is 6, while group 2's is 3. Your marginal cost of producing the product is $70. a. Determine your optimal markups and prices under third-degree price discrimination. lnstructlons: Enter your responses rounded to two decimal places. Markup for group 1: |: Price for group 1: $ Markup for group 2: Price for group 2: $ b. Which of the following are necessary conditions for third-degree price discrimination to enhance prots. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click twice to empty the box. [I At least one group has elasticity of demand greater than 1 in absolute value. I: We are able to prevent resale between the groups, B At least one group has elasticity of demand less than one in absolute value. [I There are two dlfferent groups with different (and identiable) elasticities of demand.