4. A single buyer who wields monopoly power in its purchase of an item is called a monopsonist. Suppose that a large rm is the sole buyer of parts from 1-1] small suppliers. Each supplier's cost funcon is given by C = 2 + 4Q + Q2. a. Suppose that the large rm sets the price for the input at some price P and that each supplier acts competitively. What is the supply curve of the typical supplier. Find the industry supply curve: Qs[P]. b. The monopsonist values the part at $11]. This would be the monopsonist's breakeven price, however, it intends to offer a price much less and purchase all the parts that are offered at this price. If it sets a price P its prot can be written as: n = [ID P}Q5. Find the monopsonist' s opmal price and the amount purchased from each supplier. c. Now suppose that the 10 input suppliers collude and agree to sell the part to the monopsonist at a price of P = 8. What is Ihe amount purchased from each supplier in this case? Graph your result. Provide some intuition for your answer as compared to quanties you found in part b. d. Use this problem to explain where, and why, the rst labor unions were organized