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Suppose amonopoly's price elasticity of demand equals 5 and the marginal cost of production equals $500.00 The profit-maximizing price is? $________ (Enter a numeric response

Suppose amonopoly's price elasticity of demand equals 5 and the marginal cost of production equals $500.00

The profit-maximizing price is? $________

(Enter a numeric response using a real number rounded to two decimalplaces.)

What will be thefirm's markup?

When maximizingprofit, themonopoly's markup is ____ percent

(Round your response to the nearestpercent.)

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