3. (12 points) Suppose now that a terrible storm destroys all the strawberry farms in the region, except Stanley's. He is now a local monopoly for the season. Assuming he faces the same cost as given in question #1 and the following demand schedule P TR MR $17.50 0 $15.00 1 $12.50 2 $10.00 3 $7.50 $5.00 5 a. What is Stanley's profit maximizing quantity (in thousands)? What is his profit at that level of output? b. Is the market for strawberries allocationy efficient in this season during which Stanley is a local monopoly? Briefly explain your answer. c. Why is Stanley unlikely to remain a monopoly for long? That is, why do we expect this market to be competitive again in the next season?