Suppose that a monopolist sells a product to men and women. If the firm sets a single price, the monopolist would produce 100,000 units and sell them at a price of $5.00 per unit. Suppose that at that price, the price elasticity of demand for men is -3.50, and the price elasticity of demand for women is -0.80. The monopolist is considering whether he should set discriminatory prices and asks for your advice.
Part 1 (1 point)
Suppose the monopolist is thinking about charging men a 10% higher price. If the monopolist does so, the quantity demanded by men would fall by ______