1. (14 points) A monopolistic firm producing a single product that is sold in three distinct markets. The demand function for each market is given as follows: Q = 15.75 -0.25P Q = 21-0.2P Q; = 12.5-2 The cost function is, C = 20+15Q , where Q= 1.1 Find the equilibrium quantities and equilibrium prices of each markets that will maximize firm's profit. Also, check the second-order sufficient condition and calculate the maximum profit. (6 points) 1.2 Suppose that the firm does not discriminate the price, meaning that the firm will sell its product with the same price in the three markets. Find the profit-maximizing level of (a) quantity, (b) price, and (c) profit, and check the second-order sufficient condition. (6 points) 1.3 Should the firm do price discrimination or not? And why? (2 points) 1. (14 points) A monopolistic firm producing a single product that is sold in three distinct markets. The demand function for each market is given as follows: Q = 15.75 -0.25P Q = 21-0.2P Q; = 12.5-2 The cost function is, C = 20+15Q , where Q= 1.1 Find the equilibrium quantities and equilibrium prices of each markets that will maximize firm's profit. Also, check the second-order sufficient condition and calculate the maximum profit. (6 points) 1.2 Suppose that the firm does not discriminate the price, meaning that the firm will sell its product with the same price in the three markets. Find the profit-maximizing level of (a) quantity, (b) price, and (c) profit, and check the second-order sufficient condition. (6 points) 1.3 Should the firm do price discrimination or not? And why? (2 points)