Suppose a monopoly firm has a constant marginal cost of $5. Also assume that it sells in two different markets separated by geography. The demand curve in market 1 is given as: Q 1= 55 - P1 , and the demand curve in the second market is given by Q 2= 70 - 2P2. a) If the monopolist can sell in two separate markets and treat them as different, what price and output will prevail in both the markets? What will be the profit for the firm? (5 Marks) b) Suppose now the monopolist adopts a two part tariff where it charges a lump sum fee and a per unit price. What would be the pricing policy of the firm and the profit under it? (5 Marks)