Question 3 (First-Degree Price Discrimination) The demand for answering machines is given by O = 600 -P/4. The cost function of a producer of answering machines is given by: C(q) = 100q. Consider each of the cases described below: CASE 1: The answering machine industry is perfectly competitive. CASE 2: The answering machine industry is a monopoly that charges a uniform price. CASE 3: The answering machine industry is a perfectly discriminating monopoly. For each Case (1) through (3), calculate the following: (i) the price paid by consumers (iv) producer surplus/industry profits (ii) the quantity bought (v) total surplus (iii) consumer surplus (vi) dead weight loss (Hint: Under perfect price discrimination, each consumer is charged his/her willingness-to-pay. Hence, you will not be able to calculate (i) for Case (3). You can still answer (ii) through (vi) for this case, using your calculations from Cases (1) and (2) above.}