Question 2 (30 pts): The House of Tisci is a monopolist in the market for ballroom costumes. It sells its goods in two different markets. The demand curve of the ballroom enthusiasts, which is the first market, is given by p = 100 - Q. The demand curve of the ballroom competitors, which is the second market, is given by p2 = 250-5Q2. The firm's total cost of producing the output for the two markets is C = 150 + 50 + 0.5Q, where Q = Q1 + Q2. a. (15 pts) If the monopolist can maintain the separation between the two markets, (10 pts) Solve for the output level and the prevailing price in each market i. ii. (5 pts) Show that the market has charged the higher price has less price elastic demand. b. (7 pts) Suppose that The House of Tisci was forced to follow a single price policy. How would your answers in (a.i) change? c. (8 pts) How does the monopolist's third-degree price discrimination strategy affect the society's welfare? (Hint: Calculate the total welfare for society under each price strategy).