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Consider the market for a product that can be described as a monopoly. The demand function for this product is given by Qd= 100/P^2
a) What is the price elasticity of demand in this market? (Note: if needed, express elasticity as a function of the price.)
b) Suppose the monopolist has the following total cost function: TC = 100 + 5q. Use one of our Lerner Index formulas to determine the price that the monopolist should charge to maximize profit.
c) Research shows that Amazon charges prices for books that are below a statically profit maximizing price (such as that found in part b). Name two reasons why that might be the case, and explain briefly.
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