(24 points total. 5 points each part} Suppose the Beer industry {good X} is characterized by Monopolistic Competition in both the Home and Foreign country. The different producers offer differenated products based on the tastes of their beer. Otherwise, the beer producers are in all ways identical. They each face a linear demand curve of the type described in Lesson 8: P, =i+Ffor any rm i. Fixed Costs are F=$1UM, Marginal costs are of: XI) constant C=$2 per keg. b=.l. The size of the home market is lM kegs, and foreign is 25M kegs. [Review your Lesson 3 notesr'videos for details on the terms of the equaon in addition to how to solve the problem] a. How many rms will produce in the home market in autarky? How much output for each rm? What is the price per keg of beer? b. How many rms will produce in the foreign market in autarky? How much output for each rm? What is the price per keg of beer? [If your answer is not a round number, round DOWN to get 11. Fractions of a rm don't make sense.) c. [Extra Credit, 2 points] Why should we only round 11 down in problems like this rather than follow conventional rounding rules? Explain in a short paragraph. d. How many rms will produce in equilibrium when the countries open for trade? How much output for each rm? What is the price per keg of beer