Globogym has a monopoly over the market for personal training and faces a demand curve modelled as = 400 0.2 where P is the price of a training session and Q is the number of sessions provided. Their total cost function is given by = 1000 + 40. 3.1 Is Globogym a natural monopoly in this scenario? Justify your answer carefully. What does this suggest about the number of firms in this market? [4] 3.2 What are the profit-maximizing price and quantity of sessions in this market? Show all your calculations. How much profit does the company make in equilibrium? [6]