Question: Please explain in detail why this answer is correct, and show any mathematical steps if needed as well. Thank you! Question 7 0.4 l 0.4

Please explain in detail why this answer is correct, and show any mathematical steps if needed as well. Thank you!

Question 7 0.4 l 0.4 pts Figure: Monopolist 5 Price $20 15 1O 5 10 15 20 Quantity 5 1o 15 20 Quantity In these gures, the markup of price over marginal cost for the relatively inelastic demand is ______, and the markup of price over marginal cost for the relatively elastic demand is ______. $15; $7.50 9 $7.50; $3 $5; $1

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