'l'aDlE 1 \"Which I. ' $ foreachuttit 15.00 {a} Let the market price under perfect competition is $103: calculate the total constmser smplus in the market. {b} Assuming that the seller of good 2 is a monopolist, and he knows each person's willingness to pay. Further a seller incurs marginal cost, that is, 3 [5} per unit which remains constant. If each person has a unit demand and a monopolist decides to discriminate the price [in particular, the rst-degree price discrimination] what will be the consumer and producer surpluses? {c} Comparing 1pour answers from [a] and [b], discuss the implications of having market power