(b) The firm (with the above technology) is a monopolist in the markets for its two goods, and the demands are given by y = 208 + (-6.P1) + (-2. P2) y2 = 224 + (-2.P1) + (-6.P2) The price of input 21 is w1 = 1, and the price of input z2 is w2 = 2. Find the profit maximizing quantities of each good. Hint: i. first find the inverse demand functions, and then ii. find the output levels that maximize its profit over the two markets. Leave your answers as fractions; do not convert to decimal expressions. Check second order conditions, and restrictions on variables, if any. Yi = y2 = To check the SOC we need to (please select all the answers that are correct) check that the Hessian matrix is positive definite. check that the expression for profit is quasi concave. check that the Hessian matix is negative definite. check that the expression for profit is quasi convex. check that the expression for profit is concave. check that the expression for profit is convex. (b) The firm (with the above technology) is a monopolist in the markets for its two goods, and the demands are given by y = 208 + (-6.P1) + (-2. P2) y2 = 224 + (-2.P1) + (-6.P2) The price of input 21 is w1 = 1, and the price of input z2 is w2 = 2. Find the profit maximizing quantities of each good. Hint: i. first find the inverse demand functions, and then ii. find the output levels that maximize its profit over the two markets. Leave your answers as fractions; do not convert to decimal expressions. Check second order conditions, and restrictions on variables, if any. Yi = y2 = To check the SOC we need to (please select all the answers that are correct) check that the Hessian matrix is positive definite. check that the expression for profit is quasi concave. check that the Hessian matix is negative definite. check that the expression for profit is quasi convex. check that the expression for profit is concave. check that the expression for profit is convex