Fred's Fearless Face Cream-Wrinkles B-GoneUse Figure 15-15 -Fred's Pharmaceutical Drugs above to respond to the following. 1. Fred retains the patent and wants to maximize profits, Fred is willing to sell the drug to low income consumers "at cost," but also wants to charge higher income consumers their marginal willingness to pay. Describe the practice that Fred will implement to differentiate and discriminate among buyers. What happens to the price and quantity of output?2. If Fred acts as a single price monopolist, what is the price and quantity set by Fred?3. The patent on the drug expires and there is entry into the market. Given the data above, what will the new price and quantity be for Fred? were