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Question 2 (25 Points). Monopolies and Antitrust (see topic 8}: A. Consider a monopolist rm with total production costs given by T0 = $1, 000, UUU+$EUUQ, where Q is the total quantity of units the rm produces. The market demand for the monopolist's product is given by D = 12,000 2P, where P is the price charged per unit. (a) Find the prot-maximising price (recall that this involves setting the marginal cost equal to marginal revenue). (b) Compute the monopolist's prot, which corresponds to 'JT = Q at P TC, that is, prot equals total revenue minus total cost. 13. Next, consider the following market shares in the music industry: Warner Music Group 25%, Universal Music Group 24%, Sony Corporation 22%, and several smaller companies and labels account for the remaining 29%. (c) Compute the Herndahl-Hirschman Index (HHI) taking into account only the three largest companies (you cannot compute the exact HHI without more information about the smaller companies}. Is the music industry unconcentrated, moderately concentrated, or highly concen- trated according to the horizontal merger guidelines of the Department of Justice? (d) Consider a merger between Universal Music Group and Sony Corpora- tion. Compute the new HHI after the merger {again ignoring the small companies and labels). Would the Department of Justice likely object to the merger and, if so, what is the economic reasoning behind it