The demand for a monopolist's output is 
, where p is its price. It has constant marginal costs equal to $6 per unit. What price will it charge to maximize its profits?
Definitions:
Marginal Tax Rate
The rate at which the last dollar of income is taxed, reflecting the incremental rate applied to income in the highest tax bracket.
Average Tax Rate
The ratio of the total amount of taxes paid to the total tax base (income, expenditure, or asset), represented as a percentage.
Proportional
Characterized by or corresponding in size, degree, or intensity according to a fixed ratio or relationship.
Price Elasticity
A measure indicating how much the quantity demanded of a good responds to a change in its price, often illustrating the sensitivity of demand to price changes.
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