\fQuestion 1. In this question we begin by constructing a competitive market for a good, and then compare the outcome when supply is controlled by a single-price monopolist. Suppose that the demand for units of some beverage comes from households with the preferences over units of the beverage {x1} and expenditure on all other goods (x2) represented by the following utility function, U{x1,x2] = 800111061) + 362 Each household has an exogenous income of I per period. The second 'good' is referred to as a 'composite' good and is an amount of money. We assume throughout that 392 = 1