1. The following shows the demands and marginal revenue in two markets (D1 and MR1, and D2 and MR2) for a price discriminating firm along with total demand, DT, marginal revenue, MRT, and marginal cost MC. 450 D2 400 MR2 MC 350 300 DT D1 MRT 250 . . . . ................................................... MRI 200 150 MC . .......................... 100 50 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 - . . D1 - - - MR1 - . - D2 - MR2 . .. ...... MRT - DT MC As with the PPT slides, you can view the data generating these lines; for reference, D1 = 310-0.2Q D2 = 450 -0.2Q MRT = 380 - 0.2Q DT = 380 -0.1Q MC = 0.0005Q~2 - 0.55Q + 290 a. Compare the demand conditions in each market; i.e. how do the two markets differ in their demand for the firm's product? b. How much total output should the firm produce (for both markets combined)? How should that output be allocated between markets 1 and 2? c. What price should the firm charge in each market