2. a. Explain the following aspects of a monopolistic market using the relevant graphs: i. the difference between the monopolistic firm's equilibrium conditions in the short run and in the long run; (3 points) ii. the efficiency condition in a monopolistic market; and (3 points) iii. whether government intervention is reqired in a monopolistic market. (3 points) b. Fargo Brothers Company is the only company that has served marine tourism in the Anyaria Islands for many years. Tourists are interested in visiting Anyaria because the conditions are still natural and the variety of its marine life is rarely found elsewhere. The inverse) demand function for marine tourism services is expressed as P = 140-Q, where P and Q are the price and output levels, respectively, while the firm's marginal cost is constant at 20 dan it has no fixed cost. i. What is the maximum profit of Fargo Brothers Company? (4 points) ii. A family dispute causes the company to split in two. Kak Fargo runs one marine tourism company and Dik Fargo runs the other company. If these two new firms still have the same marginal costs as before and they operate in a Cournot competition, what is the maximum profit of Kak Fargo's and Dik Fargo's companies? (4 points) iii. Show and explain the results of your calculations in points (i) and (ii) in one diagram. (4 points) iv. How much profit does the Fargo family lose after Fargo Brothers Company splits in two? (4 points)