ECO 550 Week 4 Chapter QuestionsClick this link to get the tutorial:http://homeworkfox.com/tutorials/economics/4270/eco-550-week-4-chapter-questions/Week 4 Chapter 7 Question 11. In the model of a dominant firm, assume that the fringe supply curve is given by +0.2 P,where P is market price and Q is output. Demand is given by – P.What will price and output be if there is no dominant firm? Now assume there is adominant firm, whose marginal cost is constant at $6. Derive the residual demand curvethat it faces and calculate its profit-maximizing output and price.Week 4 Chapter 7 Question 10A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to thehighest bidder, but both the winning and losing bidders must pay her their bids. So if Jonesbids $2 and Smith $1 they pay a total of $3, but Jones get the money, leaving him with a netgain of $98 and Smith with -$1. If both bid the same amount, the $100 is split evenlybetween them. Assume that each of them has only two $1 bills on hand, leaving threepossible bids: $0,$1,$2. Write out the payoff matrix for this game, and then find its Nashequilibrium.