(1)A firm produces a single product that is sold in TWO distinct markets, 1 & 2. The demand functions in each of the markets and the joint total cost function are given as follows: Q1 = 24 -0.2P1 Q2 = 10 -0.05P2 TC = 35 + 40Q where Q=Q1 + Q2 (a)Briefly explain the market conditions necessary to successfully implement this profit maximizing strategy. (b)Find the output that the firm needs to produce and sell in each market to secure maximum profit. (c)What price should this firm charge in each market for it to realize its profit maximizing goal? (d)Determine the price elasticity of demand in each market and explain how the results relate to the relative prices charged in each market