A monopoly firm has the following demand and total cost functions: P= 9 -0.250 TC = 124 - 160 + Q2. What are monopolist's profits? a. Profits $10 b. Profits =$1 c. Profits -$15 d. Profits = $20 e. None of the above 15. During spring break, students have an elasticity of demand for a trip to Cancun of-5. How much should an airline charge student for a ticket if the price it charges the general public is $400? Assume the general public has an elasticity of -2. a $260 b. $210 c. $280 d. $250
