Question: a) A market has the following demand function: p(y) = 100 - 5y where y is total sold quantity of the good on the

a) A market has the following demand function: p(y) = 100 - 5y where y is total sold quantity of the good on the market and p(y) is the price for which it sells for. What is the price elasticity of demand at y=10? (4 points) b) True or false? A Nash equilibrium is always a subgame perfect Nash equilibrium. Explain! (3 points) c) Explain what third-degree price discrimination is and under which circumstances it is likely that it can occur. (3 points)

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