Please answer 11 and 12

1 1. Let's go back to the demand curve and MC in questions 8 and 9: P = 40 -4Q and MC = 8 Now suppose the monopoly firm could employ First Degree Price Discrimination. Explain briefly what this entails and most importantly, how much profit would the firm now make? (5 pts) 12. Staying with the same demand and cost curves (P = 40 - 4Q and MC = 8), let's now tweak our assumption and suppose that this demand curve reflecting an individual PERSON's demand curve for number of widgets they'd want to buy per month. In this case the monopolist might consider implementing a "Two-Part Tariff"' pricing scheme. What is the profit-maximizing solution for the two-part tariff. (6 pts)