Please see the attached image(s)/screenshot(s) for the question and all its sub-questions that also need to be answered. All pertinent background information that was provided to me is also included in the attached. Moreover, the general topic being covered is "Monopoly" and how monopolists choose the output that maximizes profit.

Question 2 Complete the following Table where the monopolist's inverse demand function equals: P = 80 -2Q. g P TR TC Prot Elasticity MR= ATR/AQ MC= ATC/AQ 14 $52 $728 $298 $430 -(1/2) x (52/14) = 13/7 15 $50 $312.5 16 $48 $328 17 $46 $344.5 18 $44 $362 19 $42 $380.5 20 $40 $400 21 $38 $420.5 22 $36 $442 a. The rm maximizes prot when it produces 16 units of output and charges $48 per unit. What does the rm's price elasticity of demand equal at this level of output? Is demand Elastic of Inelastic at this level of output? b. What is the rm's Marginal Cost (MC) of producing the 16th unit of output? How much additional revenue does the rm receive from producing the 16th unit? c. The rm can maximize its revenue by increasing its output to 20 units and charging $40 per unit. What does the rm's price elasticity of demand equal when it produces 20 units? How much additional revenue does the rm generate by increasing its output from 16 to 20 units? What does it cost the rm to increase its output from 16 to 20 units? Does increasing output from 16 to 20 units increase the rm's prot? Explain. Does this rm maximize prot by producing where its price elasticity of demand is unitary? As part of your explanation, discuss the relationship between MR and MC when the price elasticity of demand is unitary? What is the relationship between MR and MC when demand is price inelastic? To explain your answer, discuss the effect of a decrease in price, and concomitant increase in quantity, on revenue when demand is price inelastic? (Hint: Use quantities 21 and 22 to answer this question.) Can a rm maximize the prot it earns from a single product when the rm is operating in the inelastic portion of the product's demand curve? Explain