1. (50 marks) Suppose that the market demand of beef consists of two distinct market segments, where p1=125-4y1 and p2=85-0.5y2. The cost function for the monopolist is C=5y. a. (20 marks) Determine the equilibrium prices and quantities in each market and the overall profits that result from actions of a third-degree price-discriminating monopoly. b. (10 marks) Determine the price elasticity of demand in each market, evaluated at the equilibrium prices and quantities. c. (20 marks) Find the optimal scheme of the second-degree price discrimination. Specifically, using the two prices calculated in part (a), the monopolist charges the higher price for quantities below a threshold level and the lower price for quantities above the threshold. What would be the optimal threshold and what would be the company's profits in each market, and what is the total profit