1.Suppose Spotify is a firm with market power sells its' annual subscriptions for premium service to two different groups of consumers. The demand curve for group 1 is given by: P1 = 130 - 1.67Q1 The demand curve for group 2 is given by: P2 = 230 - 6.25Q2 The common marginal cost function is given by: MC= 30. a. Solve for the profit maximizing quantities and prices for each of the two different groups of consumers. b. Graph the respective demand, marginal revenue and marginal cost curves in 2 separate graphs (1 graph for market 1 and a second graph for market 2). c. Calculate the own price elasticity of demand for each group of consumers