(Solved): A monopolist firm with costs of \( C(Q)=14 Q \) does not know the whole market demand but only tha ...

A monopolist firm with costs of \( C(Q)=14 Q \) does not know the whole market demand but only that when it change the price by \( 1 \% \) quantity decrease by approximately \( 2 \% \) for almost all price and quantity levels. a. Which price would you suggest this firm to charge for its product? b. If you approximate demand using the function \( \log (Q)=10+\beta \log (P) \), how much do you estimate the profit will be?