O D 0 0 0 D DQODOO u ... I Based on the best available econometric estimates, the market ownprice elasticity of demand lFor a product is Ed = -1.5. Marginal cost is xed at 5'5 and,tl'1us, AC = MC. Determine optimal per unit price and the "representative" firm's profit under the following conditions. {Note: Relations like Ed firm = N'Ed market and the markup factor are pertinent here. We will assume that industr'ir demand is (1:1500, aggregate market production. Representative firm output is industry outputllt of firms.} One monopolist rm Representative rm price elasticity of demand Markup Price Representative rm quantity of output Per unit profit Total Prot Duopoly '51 Representative rm price elasticity of demand 7i Markup Price 3i Representative rm quantity of output 9] Per unit profit for representative rm 10] Total Profit for representative firm 11] Total Industry Prot 20 competitive rms 12] Representative rm price elasticity of demand 13] Mark-up Price 14] Representative rm quantity of output 15] Per unit profit for representative rm 16) Total Prot 1?] Total Industry Prot