Monopolist charge for pound of coffee

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A monopolistic Coffee shop finds out that- 30% of the people in the region are willing to pay $30 for a pound of coffee, another 25% are willing to pay $40, and the remaining 45% are only willing to pay $24. The cost of producing each pound of coffee is $10. How much should the monopolist charge for each pound of coffee?

$10
$24
$30
$40

P.S The answer is $24 but please show me how you would go about solving it instead of just applying trial and error tactics (or is trial and error the only way to solve it?).

Reference no: EM132499870

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