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 firm have deterniried that group 1s elasticity of demand is -3 , while group 2 's is -5 . Your marginal cost of producing the product is $40 Instructions: Enter your responses rounded to two decirrial places. a. Determine your optimal markups and prices under third-degree price discrimination Markup for group 1 : Price for group 1: 8 Markup for group 2 : Price for group 2$ b. Which of the following are necessary conditions for third-degree price discrimination to enharice profits. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box ance to place a check mark. For in correct answer(s), click twice to empty the box. ? There are two different groups with different (nd identifiable) elasticities of dernand. At least one group hs elasticity of demand greater than 1 in absolute value. We are able to prevent resale between the groups. At least one group has elasticity of demand less than one in absolute value