Question: Need help with question for microeconomics homework. Question hint is also attached. Consider a monopolist using one input, x, in the production process. Assume the

Need help with question for microeconomics homework. Question hint is also attached.

Consider a monopolist using one input, x, in the production process. Assume the production function is y = 4x. The monopolist faces the following demand curve: Q = 8P'4, where Q stands for the quantity demanded and P stands for the price. Suppose the monopolist sells its product at a price of $5 per unit. The marginal revenue product of x is MRP = . (Round your answer to the nearest two decimals if necessary.) y = 4x. Hint X The marginal revenue product may be calculated as MR X MPx (that is, marginal revenue times the marginal product of the input). where Q stands for the quantity demanded and P stands for the price

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