Question

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

***not sure:( Thank you!!

Answer 1

isn't this pretty much the same question lol

https://en.wikipedia.org/wiki/Monopoly#The_inverse_elasticity_rule

Answer 2

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

Answer 3

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

Answer 4

yeah last time they just wanted the rule

now you have to explain how to solve for price using the rule

Answer 5

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

Answer 6

solve the formula for "P"

Answer 7

yw :)

Answer 8

okie:)