B. Assume a monopoly has the following demand schedule: Price Quantity $45.00 18,000 42.50 20,000 40.00 22,225 37.50 24,500 35.00 27,000 32.50 29,000 30.00 31,225 a. Calculate total revenue at each P and Q combination. b. Calculate marginal revenue per unit for each decrease in price. 6. For the decrease in price from $37.50 to $35: (i) (ii) (iii) 0") Is demand elastic or inelastic? How much revenue does the rm lose from reducing the price on the 24,500 units it can sell for $37.50? How much revenue does the rm gain from selling 2,500 more units at $35? How do the two changes in (ii) and (iii) compare to the value of 1149'? you calculated in part (i)? d. For the increase in price from $30 to $32.50: (i) (ii) (iii) 0") Is demand elastic or inelastic? How much revenue does the rm gain from raising the price on the 29,000 units it can sell for $32.50? How much revenue does the rm lose from selling 2,225 fewer units at $30 for each unit? How do the two changes in (ii) and (iii) compare to the value of MR you calculated in part (i)