please help me with this

Question

Suppose a monopolist produces in a market with two distinct segments: market 1, which is denoted as M₁ on the graph, and market 2, denoted as M₂. The firm's marginal and average costs are $20.

a. What is the firm's profit in market 1?

b. What is the firm's profit in market 2?

c. In which market is demand more elastic?

Answer 1

Step 1: Find profit maximizing quantity and price for each

Step 2: Calculate total revenue

Step 3: Calculate total cost

Step 4: Find profit by calculating TR-TC

Problem text: Suppose a monopolist produces in a market with two distinct segments: market 1, which is denoted as M1 on the graph, and market 2, denoted as M2. The firm's marginal and average costs are $20.