Price (P) Quantity Total Revenue Marginal Price Elasticity of Demanded ( D) (TR Revenue(MR) Demand (Ed) $5.00 0 4.50 4.00 3.50 3.00 4 2.50 un 2.00 1.50 1.00 0.50 1. Use the following demand schedule above for a monopolist a. Calculate TR and MR b. For each price, indicate whether demand is elastic, unit elastic or inelastic. c. Using the data of the demand schedule, graph the demand curve, marginal revenue curve and the total revenue curve, and identify the elastic, unitary elastic and inelastic segments along the demand curve. 2. Explain why you agree or disagree with the following statements: a. "All monopolies are created by government." b. "The monopolist charges the highest possible price." C. " A monopolist never makes a loss. 3. Consider the following cost date for a perfectly competitive firm in the short run Output (Q) Total fix cost Total Variable Total Cost (TC) Total Revenue | Profit (TFC) cost (TVC) (TR) $ 100 $ 120 100 200 100 290 100 430