2. Given that the industry demand curve is X(p) = 3000 – 15p and a firm's marginal cost is 50 (MC = 50), a) In perfect competition, what is the prevailing market price? b) For a monopolist in this setting, solve for the optimal quantity supplied and the prevailing market price. c) What is the elasticity of demand in the monopolist's market? Solve for the elasticity of demand using the market price and quantity that results from the monopolist's optimal decision.

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A: Demand Curve : P = 100 - 10Q MC = 20

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A:

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