1. Market demand is p = a - bQ, where a, b > 0, p is price, and Q is the total quantity of output. The monopoly firm's cost function is C(Q) = f + cQ , where f, c > 0 and a > c. (i) Find the monopoly firm's quantity of output that achieves minimum efficient scale (MES). (ii) Use your answer in Q1.(i) above to carefully explain how the fixed and variable costs of production impact the monopoly firm's MES. (iii) Show how the assumption a > c ensures that a market exists for the monopoly firm's product (hint: draw the market demand curve and the firm's marginal cost curve on a two-dimensional graph)