2: Location Choice. The Olympic Committee is deciding where to host their summer event. The Committee is considering two countries: Japan (J) and United States (U). Demand for the event in Japan is given by PJ (QJ ) = 210 2QJ and demand for the event in United States is given by PU (QU ) = 190 2QU The marginal cost of production in each country is constant at M C = 50. 1. Suppose that countries are not allowed to submit bids to the Committee. a) Calculate the profits in Japan. b) Calculate the profits in United States. c) Which city will the Olympic Committee choose