Identify deadweight loss associated with market power and discuss ways antitrust policy, second best pricing, and two-part pricing can reduce the...

Identify deadweight loss associated with market power and discuss ways antitrust policy, second best pricing, and two-part pricing can reduce the cost of market power. Discuss the ethical and legal aspects in efforts that reduce the cost of market power.Explain the concept of market failure and why it provides economic justification for government intervention. Explain why common property resources and public goods are under produced and how government can reduce market failure created by non-excludability.Discuss why imperfect information about product price and quality can lead to market failure.Part II. Solve the Following ProblemThe following payoff matrix shows the profit outcomes for three projects, A, B, and C, for each of two possible product prices. There is a 60% probability the price will be $10 and a 40% probability the price will be $20.ProfitProjectP = $10P = $20A 20 80B 40 60C-26140Using the maximum expected value rule a decision maker would choose the project. Explain.Using the mean variance rule a decision maker would also choose project B. Explain Why. (graph is attached)Thank you!