Hello,

Can someone please help me with these multiple choice economics questions?

Question 9 Which of the following statements about price elasticity of demand is incorrect? Not yet saved Marked out of Select one: 1.00 O a. The higher a firm's markup, the higher the price elasticity of demand. Flag question O b. A firm's profit margin depends on the elasticity of demand. O c. Price elasticity of demand measures how responsive demand is to a price change. O d. Elastic demand implies that there are many close substitutes. O e. Inelastic demand implies a firm's high market power.Question 10 The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. Assume that MQ Motors currently chooses to operate at Point A. Which statement incorrectly_describes the MQ Motors' Not yet saved situation? Marked out of 1.00 10,000 Flag question 8,000 A Marginal cost to . m Isoprofit curve: $63,360 Price, marginal cost ($) Isoprofit curve: $30,000 - Isoprofit curve: SO Demand curve 50 100 120 Quantity of cars, Q Select one: O a. It is possible that Points C and D could give MQ Motors the same level of profit. O b. Currently, MQ Motors' MRS is not equal to MRT. O c. MQ Motors is not maximising its profit. O d. MQ Motors can increase its profit by producing and selling more cars at a lower price. O e. In order to maximise profit, MQ Motors should operate at Point E