Michael Ltd is a monopolist selling semiconductors in Laos. The firm has an inverse demand curve given by: P(a) = 8-9 And a total cost curve given by cla) = 42 a) Calculate the maximum number of units that Michael needs to sell to break-even [2 marks] b) How many units does Michael need to sell to maximise profit? Calculate the elasticity of demand at the profit-maximising quantity. Is it elastic, inelastic or unit elastic at this quantity? [3 marks) Profit-maximising quantity - Elasticity of demand which is (if you answer is negative, leave it as negative. Round your answer 2 decimal places) if the government decided to put a tax of $8 per unit manufactured, what would be the new profit-maximising quantity? What is the value of the second derivative of the profit function at the new profit-maximising quantity? [2 marks) The new profit-maximising quantity = c) The value of the second derivative of the profit function at the new profit-maximising quantity