Problem 08-10 (algo) The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm's marginal cost is constant at $25 per unit. a....

Extracted text: Problem 08-10 (algo) The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm's 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. %24