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I am having difficulties with figuring out the formulas for this this question. Is there a...

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Economics

I am having difficulties with figuring out the formulas for thisthis question. Is there a walk-through for this?
You are the manager of a monopoly that sells a product to twogroups of consumers in different parts of the country. Group 1’selasticity of demand is -2, while group 2’s is -3. Your marginalcost of producing the product is $30.

a. You are a monopolist.
b. You compete against one other firm in a Cournot oligopoly.

c. You compete against 19 other firms in a Cournotoligopoly.

Answer & Explanation Solved by verified expert
4.5 Ratings (678 Votes)
A monopoly is a single firm that produces goods that have no close substitute while oligopoly market has a small number of relatively big firms that produce similar but slightly differentiated products    See Answer
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