Why do authors (who are paid fixed royalties per book sold) and publishers (who are presumably profit maximizers) differ in their thinking about the best price for a book?

Diagram a monopolistically competitive representative firm in long-run equilibrium. Next, show what happens if the general level of demand for the industry is lower. Show immediate impact, intermediate impact, and final new equilibrium.

What is the relationship between total revenue and elasticity of demand? Prove this with some examples using numbers, i.e., make up some numbers for price and quantity along a demand curve and find both elasticities and total revenues that show the relationship between them.

In general, explain what an elasticity is (starting from the general formula).

Carefully explain the concepts of consumer and producer surplus.

Explain why some firms shut down when losing money while others remain in business. Also show this graphically.

Diagram a monopoly firm realizing profits (on a diagram using MC, ATC, AVC, P, etc.)

What is the optimality condition in the product market and why must it be so?

Graphically show deadweight welfare loss due to monopolies and then explain what it means. How can we see or feel this deadweight welfare loss?

Show why the monopolist's marginal revenue curve must be below the demand curve.