Instructions: Enter your answers as a whole number. b. Assume that MC is $13 in both markets and MC = ATC at all output levels. What price will the firm charge in each market? Group 1: units will be...

Extracted text: Instructions: Enter your answers as a whole number. b. Assume that MC is $13 in both markets and MC = ATC at all output levels. What price will the firm charge in each market? Group 1: units will be produced at a price of $ Group 2: units will be produced at a price of $ c. Based solely on these two prices, which market has the higher price elasticity of demand? The first market has the higher price elasticity of demand. The second market has the higher price elasticity of demand. d. What will be this monopolist's total economic profit?


Extracted text: Suppose that a price-discriminating monopolist has segregated its market into two groups of buyers, as shown by the following tables. a. Calculate the missing TR and MR amounts for Group 1. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Quantity Demanded Total Quantity Demanded Total Marginal Revenue Marginal Revenue Price Price Revenue Revenue $115 100 1 83 71 3 $71 $ 0 63 4 63 1 63 $63 55 55 2 110 47 48 6. 48 3 144 34 42 7 42 4 168 24 37 8 37 5 185 17 33 9. 33 6. 198 13 29 10 29 7 203 LO