3. Dumping. The firm Zapatero Ltd. has a monopoly on shoes in the Spanish market. Zapatero Ltd. can also sell in the international market which is perfectly competitive. However, the foreign firms are not allowed to sell in the Spanish market. The cost function of Zapatero Ltd. is TC = 2Q² – 12Q + 10, and the demand curve in Spain is P = 8 – 2Q. The price of shoes in the international market is 4. Determine graphically and anlytically the price of shoes in Spain and the international market. How is dumping defined in this case?

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