Problem II You are the manager of a monopoly, and your economists have estimated your demand and cost functions as P-250-4Q, the total cost is TC by MC 50+ 20. 600+500 + Q and the marginal cost is given 1. Enunciate the Formula: MR for Linear Inverse demand [from your textbook] 2. Use the formula from question 1, to find the marginal revenue MR when the inverse demand is P-250-4Q. 8. What's the principle of the Monopoly Output Rule (from your textbook] 4. Use the principle enunciated in question 3 to find the output Q that the firm should produce to maximize its profit. 5. What's the Monopoly Pricing Rule (from your textbook] 6. Use the Monopoly Pricing Rule from question 5 to find the price P' that the firm should charge when maximizing its profit. 7. Determine the firm's total revenue (TR), total cost (TC) and maximum profits (II). 8. Is demand elastic, inelastic, or unit elastic at the profit maximizing price-quantity combination? Explain your answer!