Onions are a homogenous commodity, produced by many farmers, so the market of onions should be a perfectly competitive market. Listen to the podcast (https://www.npr.org/transcripts/1106861476) and answer the following questions: 1. What was the market price at which farmers were making profit? Show this using the single firm maximization graph and the market supply and demand for onions, in a perfectly competitive market in the short run. (5 points) 2. How is it possible to create a monopoly of onions? Explain in your own words what Vince Kosuga did. Use a graph (for the monopoly market) to explain how he could make (positive) profits from increasing the price of onions (make sure to include the demand, marginal revenue, marginal cost and average cost curves). (5 points) Extra credit 2.2 Homework Please submit your answer for both questions here