Profit Maximization Use the estimated demand function that you calculated in question 1 and the cost function below to work out the profit maximizing price. TC(Q)=$1,500 $8Q Calculate the profit maximizing quantity Calculate the profit maximizing price Calculate profits at the profit maximizing price and quantity Use the estimated demand function to calculate the point price elasticity of demand at the profit maximizing price and quantity. Calculate the markup at the profit maximizing price Compare the markup and elasticity from parts d and e to check whether the price you calculated in part b is the profit maximizing price. Are your answers from this question consistent with the answers that you gave in Question 2, part C? EXPLAIN WHY OR WHY NOT