1. Acme Products operates as a monopolist in each of two geographically separated markets. The marginal and average cost of production is $10 for each of the markets.Suppose that the demand curve in market #1 is P = 40 - Q/100, while the demand curve in market #2 is P = 100 - Q/10.a.Calculate the profit maximizing price the monopolist will sell output for in Market #1 and the profit maximizing price for Market #2, assuming that Acme can set separate prices in each market. Also report the quantities sold in each market and the total profit.b.Calculate the average of the two profit maximizing prices from part a. Suppose Acme sells at this average price in both Market #1 and #2.Calculate the quantity sold in each market and the total profit.Is the profit smaller than in part a?