Steve and Michelle are farmers who sell their surplus manure to other local farmers. Manure is sold by the cubic yard. (Dirt, soil, mulch etc. are often sold by this measurement.) Steve and Michelle have no costs of production. (Buyers come and pick up their manure themselves.) Market demand is given as P=72-30, MR=72-6Q, and MC ATC=0. Complete parts a through d below. a) If Steve and Michelle agree to split the monopoly outcome, how much would each farmer produce and what would be the individual profits? Each farmer would produce cubic yard(s). The profit for each farmer would be $ b) Suppose Steve decides to cheat on the agreement and produces 8 cubic yards. What is Steve's profit now? What is Michelle's profit now? Steve's profit is now $- Michelle's profit is now $ c) Suppose Michelle considers retaliation and thinks about producing 8 cubic yards. What would her and Steve's profits be in this case? Should Michelle retaliate? In this case, Michelle's profit would be $ and Steve's profit would be $- Michelle retaliate d) Illustrate the Nash equilibrium as a prisoner's dilemma matrix. Complete the prisoner's dilemma matrix below. Michelle's Decision Produce 6 Produce B Produce 6 Steve's Decision Produce 8 Which cell(s) of the prisoner's dilemma matrix is the Nash equilibrium? Select all that apply. A. The bottom right cell B. The bottom left cell C. The top right cell D. The top left cell E. There is no Nash equilibrium.