Young artist Edgar is the monopolyr producer of paintings depicting dancers. For him, the marginal cost of producing one such painting is $1,000. He sells the paintings at $3,000 each. A friend estimated the elasticity of demand for Edgar's paintings and found it to he -2. a. [5 points] Upon hearing this information, should Edgar increase the price, decrease it, or keep his price the same? Explain briey. h. [5 points] What would you advise Edgar to do if the price of canvases [an essential input] goes up