Problem
A monopolist faces two market segments. In each market segment, the demand curve is of the constant elasticity form. In market segment 1, the price elasticity of demand is 3, while in market segment 2, the price elasticity of demand is 1.5. The monopolist has a constant marginal cost of $5 per unit, which is the same in each market segment. What is the monopolist's profit maximizing price in each segment?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.