14. A monopoly firm has the following demand and total cost functions: P= 9 - 0.250 TC = 124 - 160 + Q2. What are monopolist's profits? a. Profits=$10 b. Profits = $1 c. Profits =$15 d. Profits = $20 e. None of the above 15. During spring break, students have an elasticity of demand for a trip to Cancun of -5. How much should an airline charge student for a ticket if the price it charges the general public is $400? Assume the general public has an elasticity of -2. a. $260 b. $210 c. $280 d. $250 Use the following information to answer questions 16-17 A monopoly has the following total cost function: TC = 40Qand faces the following demand function P = 200 - Q. Suppose that it practice 2nd degree price discrimination, as follows: it charges $180 for the first 20 units of output, $160 for the next 20 units, and $140 for the next 20 units. 16. What are the profits with 2" degree price discrimination? a. Profits=$5000 b. Profits=$6800 c. Profits=$7200 d. None of the above. 17. What is Consumer Surplus and Deadweight loss when monopoly practices 2"d degree price discrimination? a. CS=$200; DWL =$2000 b. CS=$600; DWL=$5000 c. CS=$600; DWL=$2000 d. CS=$200; DWL=5000 e. None of the above 18. Suppose that a monopoly sells in two markets with the following demands: Market A PA = 200 - Q4and Market B:p# = 80 - 40#. Its Total Cost function is given by: TC = 40Q. If monopoly practices 3" degree price discrimination, what are the combined profits from both markets? a. Profits = $6500 b. Profits = $6400 c. Profits =$6200 d. None of the above