Problem 08-10 (algo) The manager of a local monopoly estimates that the elasticity of demand for its product is constant and ed marginal cost is constant at $25 per unit. a. Express the firm's marginal revenue as a function of its price. Instructions: Enter your response rounded to two decimal places. MR = x P b. Determine the profit-maximizing price. Instructions: Use the rounded value calculated above and round your response to two decimal places. 2$

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