What would be the price charged in market

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Reference no: EM13157249

A monopolist operates in two different markets: market 1 and market 2. Price elasticities of demand in market 1 and market2 are -5 and -2, respectively.

1. Would the monopolist charge a higher price in market 1 or in market 2? Why?

2. Assume the price charged in market 2 was $10, what would be the price charged in market 1?

Reference no: EM13157249

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