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Problem 3 Suppose the market demand of a monopolist is given by p(y) = 15 y. 1. (10 points) If the monopolist is able to practice rst-price discrimination, then What will be his pricing scheme. How much surplus will the monopolist be able to extract? Suppose the monopolist wants to charge different price to two groups- students and non- students. Demand of students is p1(y) = 10 0.591 and demand of non-students is p2(y) = 10 2m. Marginal cost of production is 2. 2. (2 points) Write the prot maximizing problem for both groups. 3. (3 points) What is the equilibrium price charged for students and non-students? 4. (5 points) What do you think about the price dierences? Explain by deriving the elasticity of both the demand curve; at the equilibrium price and output