Problem
1. Suppose that instead of maximizing profit, the monopolist in Question 6 wants to maximize revenues. Would it behave any differently? What if the marginal cost was positive?
2. If the price of steak is $25.00 a pound and the -(elasticity of demand) is 2, what decrease in price would lead the quantity sold to increase by 4 percent?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.