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2. (28 marks) A monopolist produces a product at constant marginal cost. q . Retailers sell all their output to consumers at a price. ". that is determined by supply. (. and demand. (" =1000-p' . Retailers have no costs. except for the wholesale price paid to the wholesaler for each unit. a. (2 marks) Write down the inverse demand function. b. (2 marks) Write down the profit-maximising problem for an individual retailer.c. (2 marks) With or without calculus, derive the profit-maximising condition for an individual retailer, d. (2 marks) Use the fact that retailers are identical (ie. q, = q for all i) and solve for q. e. (2 marks) Write down the wholesaler's profit-maximising problem as a function of p" f (2 marks) With or without calculus. derive the profit-maximising condition for the wholesaler. AT\fk. (2 marks) Solve for the profits of the wholesaler. (2 marks) Show what happens to the retail price and quantity as n increases. m. (2 marks) Solve for the profit-maximising price and quantity if the wholesaler were to sell directly to the consumer. n. (2 marks) Briefly explain the results in parts (1) and (m)