Firm A and Firm B are operating in the high-tech manufacturing industry. Each can choose to go for the high price for a high-quality product (HIGH PRICE) or the low price for a low- quality product (LOW PRICE). Profits (in $ million) are given by the following payoff matrix below in Table 3. Firm A High Price Low Price Firm B High Price $1000, $800 $1100, $1100 Low Price $1200, $900 $300, $400 Table 3 a. Refer to Table 3, discuss the Nash equilibrium outcomes if both firms make their decisions at the same time and follow maximin (low-risk) strategies? Justify your answer. Diagram is NOT required (4 marks) b. Refer Table 3, based on the payoff matrix provided above, in most cases, getting a head start costs money, especially in the telecommunication industry. However, if the managers of both firms are very conservative and suppose both firms try to maximize their profits. Assume that Firm A has a head start in planning, and can commit first. Now, what will the outcome be based on this assumption? What will the outcome be if Firm B has a head start in planning and can commit first? Explain and discuss your answers. Diagram is NOT required. (6 marks) c. Suppose restaurants and cafs are operating in a Monopolistic Competition Market. Explain why the firms will earn zero economic profits in long run. Discuss with a minimum of TWO (2) appropriate diagrams. (8 marks) d. The kinked demand curve is generally common model for the Oligopoly market structure. Explain how the model works. What are its limitations? Why does this model occur in oligopolistic markets? Draw ONE (1) diagram. (6 marks) e. Explain what is the perfect first-degree" and second-degree price discrimination. Suppose a firm can practice price discrimination for their products, what is the best suggestion for a Monopolistic competitive firm to set its policy by maximizing profit. Draw only TWO (2) diagrams. (6 marks)