The following Table refers to four buyers' willingness to pay for papadums. Each buyer is willing to buy at most one papadum and no more. Table 1 Buyer Willingness to pay (S) for one papadum Lincoln 17.00 Jefferson 15.00 Franklin 9.00 Washington 3.00(a) Let the competitive market price he $4: calculate the total consumer surplus in the market at this price. (b) Assume now that there is only,F a single seller ofpapadums. and she knows each buyer's willingness to pay. Assume that this seller incurs a cost of $4.131} per unit of papadum produced (i.e.. the marginal cost is constant). If she intends to maximise prots. how many: papadtuns would this seller supply to the market. and what price would she charge? Remember. the price has to be the same for each unit sold. Hint: start at a price of $1 I" and calculate what prot would he. Then lower the price just enough to attract an additional buyer and calculate what the new prot would he. Repeat this until all four buyers are purchasing the good and then check which price yields the highest prot. Alternatively, you can calculate the marginal revenue 'oin lowering the price to attract an additional hunter and compare it to marginal cost. (c) Calculate the producer surplus and consumer surplus at the monop o1},F price and production level from (b). Are consumers better off or worse off in the monopoly situation relative to the competitive market? \"my