7. Extra credit (10 points): Precious Metals Inc. (PMI) is a near-monopoly supplier of iridium. There is also a competitive fringe of iridium producers. Market demand for iridium is represented by the following function: PD(Q) = 600 2Q The fringe producers face marginal extraction costs of M6,: (qr) = 4-0 + 0. Sq,- while PMI has marginal costs of SZO/kg. If the competitive fringe is n_ot participating in the market, the marginal revenue of PMI is MR(Q) = 600 49 If the competitive fringe Ls participating in the market, the marginal revenue of PMI is MR(Q) = 200 Q Answer the following questions: a. Calculate the residual demand facing PMI after accounting for the quantity supplied by the competitive fringe b. If the competitive fringe is n_ot participating in the market, how many kilograms of iridium will PMI supply? What is the market price