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 determined that group 1's elasticity of demand is -2, while group 2's is 4. Your marginal cost of producing the product is $40. a. Determine your optimal markups and prices under third-degree price discrimination. Instructions: Enter your responses rounded to two decimal places. Markup for group 1:[ ] Price for group 1: $[ ] Markup for group 2:[ ] Pricefor group 2:$[ ] b. Which of the following are necessary conditicns for third-degree price discrimination to enhance profits. Instructions: In order to receive full credit, you must make a selection for each optian. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click twice to empty the box. H We are able to prevent resale between the groups. H There are two different groups with different (and identifiable) elasticities of demand. H At least one group has elasticity of demand less than one in absolute value. H At least one group has elasticity of demand greater than 1in absclute value