A monopoly sells its good in the United States, where the elasticity of demand is -1.9, and in Japan, where the elasticity of demand is -5.1. Its marginal cost is $7. At what price does the monopoly sell its good in each country if resales are impossible? The price in the United States is $. (Round your answer to the nearest penny.)

A monopoly sells its good in the United States, where the elasticity of demand is -1.9, and in Japan, where the elasticity of demand is -5.1. Its marginal cost is $7. At what price does the monopoly sell its good in each country if resales are impossible? The price in the United States is $. (Round your answer to the nearest penny.)

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 3CQQ

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