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. Merrifield Gardening Center is the only landscaper in the town of Fairfax, and thus has a monopoly to plant grass in the town. Assume

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. Merrifield Gardening Center is the only landscaper in the town of Fairfax, and thus has a monopoly to plant grass in the town. Assume they can plant grass at a constant marginal cost of $5.00 per square foot, and that the town's demand for grass is defined by the function: (45 minutes - 25 points) Q = 53-P . Calculate the profit maximizing price and quantity for the monopolist. What is their total profit? . Now assume an upstart landscaper, Wheat's, moves to Fairfax. Wheat's is slightly more efficient and can plant grass at a marginal cost of $4.00 per square foot. If Merrifield is the leader in the market, and the firms compete in the Stackelberg (leader/follower) model, what is the profit maximizing quantity of production for each firm, the market price, and the profits for each firm? . If both firms operate on a more equal footing, and compete by choosing their quantities simultaneously (Cournot), how much will each firm produce? Which result Cournot or Stackelberg is better for Merrifield and which result is better for Wheat's, Why

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