Suppose your firm develops a new pharmaceutical product that may be used to reduce blood cholesterol levels, so the firm is the monopoly seller of this drug. if the elasticity of demand for this new product is - 4, what markup should your firm use to set the profit- maximizing price for the product? the price-cost markup is 25% of the marginal cost the price-cost markup is 25% of the price the price-cost markup is 4% of the price the price-cost markup is 4% of the marginal cost