Answer in the following in not more than 7 lines . Present three examples of price discrimination that you have seen in your experience .How would you categorize these different experiences of price discrimination ? - 7 Marks Answer each of the following in not more than 3 lines a. What is the key differentiator between monopoly and monopolistic competition ? - 2 Marks b. What is the relationship between Price and Average Total Costs (ATC) for a firm in the monopolistically competitive market in the long run ? - 3 Marks c. What does P>minimum of ATC in the long run imply with regard to capacity of a firm in a monopolistically competitive market ? - 3 Marks Consider a duopoly market with the demand given by P=100 -3Q 1'2Q2' If both the rms do not have any fixed cost and firm 1 has a constant variable cost of 40 and rm 2 has a constant variable cost of 34, answer the following a. What is the price in the duopoly market if these rms act like rms in a Cournot Oligopoly '? - 4 Marks b. If now firm 2 exits the market , what is the increase in prot for rm 1? - 3 Marks Consider the following game a. What is the best response of player 2 to player 1's strategy of playing M?- 2 Marks b. What is the best response of player 1 to palyer 2's strategy of playing C? - 2 Marks