4. The demand curve for coffee at the UBC village is Q=24-2P. All coffee shops have the same MC=2q and TC=3+2q2. a) Suppose there is only one coffee shop in the village. What the profit maximizing quantity and price? What is the profit? b) Suppose it is a monopolistically competitive market in which each shop offers slightly different flavours of coffee. What is the quantity each firm will produce in the long run if the price is $5? How many coffee shops are in the market (assume you cannot open half a shop)? c) Suppose the market turns perfectly competitive. What is the quantity each firm will produce in the long run if the price is $5? (assume you can sell a fractional amount of cups of coffee) How many coffee shops will there be in the market