5. A drycleaning business operates in a monopolistically competitive market with the following demand and marginal revenue curves: P = IUDSQ TR = 100050,2 MR = 100100 The business's total and marginal cost curves are: TC = 40 + Q2 + 5 MC = 4+2C1 where P is in dollars per unit, output rate Q is in units per time period, and total cost C is in dollars. a. Determine the price and output rate that will allow the firm to maximize profit or minimize losses. Is this a longrun equilibrium? Why or not? b. Suppose the shortrun marginal product of labour curve for the dry cleaner is MP; 2 6.20 0.041. The business is running a special promotion and will charge $30 per family. i. Determine how many employees will be hired by the dry cleaner if the daily wage rate is 5168. ii. Determine how many employees will be hired by dry cleaner if the daily wage rate declines to 3150. iii. Suppose the dry cleaner hires labour from competitive factor markets. Graphically illustrate and discuss the effect of an increase in the wage rate in a competitive labour market