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  3. 3 15 points you observe a monopolist charging 2 different...

Question: 3 15 points you observe a monopolist charging 2 different...

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3. (15 points) You observe a monopolist charging 2 different prices to two different groups of people who purchase its product. One group is being charged $8 per unit, while the other group is being charged S10 per unit. You also happen to know that this monopolists cost of production is $5. What are the own-price elasticities of demand in each of the two markets?

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