5. Planned Obsolescence Waldman (1993). Show as much work as possible. (a) Read & summarize the Introduction. (b) Write down the model (all agents, valuations, available actions, etc.). (c) Under price paths with commitment, write down the maximum social surplus from i. No Switch (Monopolist produces A both periods) ii. Switch and 1 buys B (Monopolist produces A, then B in period 2, Group 1 buys B) iii. Switch and 1 doesn't buy B (Monopolist produces A, then B in period 2, Group 1 doesn't buy B) iv. Derive conditions on VA, VB, N, c for when No Switch provides higher social surplus than the other two options. v. Interpret this scenario