>Answering the questionQuestion 1. [40 points] Suppose Michcongan Telecom offers its users the option of paying either (a) $2.00 per minute for telephone service or (b) a $125 flat charge for a year of unlimited toll-free calls. Consider a customer with an annual demand for telephone service of P = 11 – 0.1Q where P is the price per minute and Q is the number of minutes of calls made per year. Calculate the consumer surplus for each of the plans (a) and (b). Question 2. [40 points] Libertyville has two optometrists Dr. Smith (S) and Dr. Jones (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist in thousands of dollars is listed on the payoff matrix. Does a Nash equilibrium exist for this game? If so identify the Nash equilibrium and justify your answer. If not explain why a Nash Equilibrium does not exist for this game. Dr. Smith (S) Don’t Advertise Dr. Jones (J) Don’t advertise Advertise S: $385 J: $375 S: $425 J: $365 advertise S: $386 J: $415 S: $405 J: $395

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