How does a monopolist determine the price for its product at its profit-maximizing quantity of output?

***not sure:( Thank you!!

Question

How does a monopolist determine the price for its product at its profit-maximizing quantity of output? 

***not sure:( Thank you!!

dumbcow · Answer

anonymous · Answer

ohh haha is that what it means? it wants me to explain the inverse elasticity rule now? :O

anonymous · Answer

is that what the question is asking for? that equation?

dumbcow · Answer

yeah last time they just wanted the rule

now you have to explain how to solve for price using the rule

anonymous · Answer

ohhh okay i see :) makes sense now!! thank you for clarifying this for me!! :D

dumbcow · Answer

solve the formula for "P"

dumbcow · Answer

yw :)

anonymous · Answer

okie:)