You have been tasked with estimating the demand function of ticket sales for the Columbus Crew (a regional monopoly). You found a demand function Pt = 10000 8Qt

(a) Draw the demand function

(b) Find and draw the Marginal Revenue function

(c) Assume the team wants to maximize revenue, what price should they charge for a ticket?

Define the terms elastic, inelastic, and unit elastic. Explain why a team maximiz- ing revenue would always operate at the point of unit elasticity on their demand curve.