In Long Island there are 3 suppliers of distilled water, labeled firm 1, firm 2 and firm 3. Distilled water is considered to be a homogenous good. Long Island's inverse demand function for distilled water is given by 10 1 19 40 Where Q = q; + qz + ()3 denotes the aggregate industry supply of distilled water in Long Island. All of the firms bear the same production marginal cost of C1 = C2 = C3 = 4 per one gallon of water. Lastly, the game among these firms is repeated indefinitely in each period t = 1, 2, 3, . Let 6 E (O, 1) denote the firms' common time discount factor. (a) Find the static (joint) monopolist's quantity, price and profit when they collude. (b) Solve the static Cournot game. That is, find ql', r12", :13\