Suppose that the market for Pink Lady apples has 10 farms, each with a supply curve given by 05 = 6, and 10 consumers, each with an individual demand curve given by Qd =10 p. Note that the marginal cost for producing an additional apple for each farm is zero as long as they are producing fewer than 6 apples and is 200 for any apple above 6. (Simple explanation for this: each farmer owns one tree, producing 6 apples; to produce more they need to buy a new tree from Australia, and pay the shipping costs, etc.) A. What is the aggregate demand curve in this market? B. What is the aggregate supply in this market? C. Compute the perfectly competitive equilibrium price and quantity in this market. What is the profit of each farm? What is the total profit of all farms together? Suppose now that all the farms get together and decide to act as one big monopoly. Note that the marginal cost for producing an additional apple is zero as long that they are producing fewer than 60 apples and is 200 for any apple above 60. (Simple explanation for this: altogether the farmers have 10 trees, each producing 6 apples; to produce more they need to buy a new tree from Australia, and pay the shipping costs, etc.) D. How many apples will this new monopoly produce? What is the monopoly's profit? Is the monopoly better off than when they were operating as 10 independent farms (assume that they divide the profits equally within the monopoly)? E. Should the government allow the farms to get together as a monopoly? In your answer refer to total surplus and to the distributional effects ofthe different outcomes, as well as to the meaning 'should' could take