An economist has estimated b. An economist has estimated the demand equation of a certain product as Q=100-2.5P where P

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An economist has estimated
b. An economist has estimated the demand equation of a certain product as Q=100-2.5P where P is the price unit and Q is the quantity demanded (in thousands) per year.
1. calculate and interpret the own price elasticity of demand of the product where when it’s price goes from $10 to $15 per unit.
2. calculate the own-price elasticity when the price is P = $30. Is demand elastic , unit elastic or inelastic at price p = $30?
Will you raise or lower the price to increase revenue?
3. Determine the total consumer value when price is P=$30
4. Suppose the inverse demand fucntion for a monopolist’s product is.given by P=230-1.5q and the total cost function is Tc=500+30q+3.5Q^2 so that its marginal cost is MC=30+7q
4a. Determine the marginal revenue (MR) as a function of Q
4b. Determine the profit-maximizing price and quantity.
4c. Determine the maximum profits