3. Suppose an industry consists of 2 firms that compete by choosing quantities in each period t = 1,2,.... Inverse demand in the industry is given by the linear equation P = 50 - S. Marginal cost is equal to zero. a. Suppose all firms discount future profit using the per-period discount factor 6. How large must o be for there to be a subgame perfect equilibrium in which the industry makes the same profit a monopolist would? b. Suppose now that firms set quantities only in odd periods (t = 1, 3, 5, ...). How large must o be for industry to make the profit would if there were a monopolist? Provide some intuition for the differences from your answers in part a