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Question #3: Monopoly [12 Points] Suppose that a monopoly has total fixed costs of $60 and a constant marginal cost (MC) and constant average total cost (ATC) of $18. Also assume that monopolist faces the following demand schedule: Price Quantity Demanded $51 $47 2 $42 $36 $29 $21 6 $12 7 (a) What is the profit-maximizing level of output for this monopolist? What price would the monopolist charge for their product? (Hint: You will need to calculate the total revenue and marginal revenue at each quantity level) [8 Points] (b) What is the level of profit for the monopolist if they produce at the profit-maximizing level of output? [4 Points]Question #5: Game Theory [10 Points] There are two Italian restaurants in Madera: Tullio and Salvatore. Each restaurant must decide whether to advertise or to not advertise. In the payoff matrix below, the first entry in each cell indicates Tullio's daily profit, and the second entry indicates Salvaltore's daily profit. Salvatore Advertise Not Advertise Advertise $300, $180 $480, $ 280 Tullio Not Advertise $200, $550 $410. $320 (a) What strategy should Tullio choose if Salvatore chooses to advertise? Briefly explain your answer. [3 Points] (b) Does Salvatore have a dominant strategy? Briefly explain your answer. [4 Points] (c) What is the Nash Equilibrium(s) of this payoff matrix? No explanation is required. [3 Points]