3. Suppose a firm produces according to the cost function TC = 160 + 58q; - 6q; + q; Determine the short run supply function if: 3.1. (5 points) The firm operates in a perfectly competitive market. 3.2. (5 points) The firm is a monopolist. 3.3. (5 points) The firm operates in a monopolistically competitive market.$220 210 200 190 - 180 170 160 150 140 130 FATC 120 110 100 90 80 70 60 50 40 30 20 10 MR 0 - 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity 4. Suppose the demand and cost for a firm under monopolistic competition are given by the diagram above. 4.1. (5 points) What is the firm's optimal level of output? 4.2. (5 points) What is the firm's optimal price? 4.3. (5 points) What is the firm's short run profit? 4.4. (5 points) Relative to your answers in (4.1) and (4.2), what will happen to the level of output and quantity in the long run