5.Suppose the market demand curve in a monopolistically competitive market contains the following combinations:

Price1816141210864

Q Demanded010203040506070

In this market assume there are 10 firms, that each (on average) face the following demand curve for their own specific goods:

Price14131211109876

Q Demanded012345678

In addition, suppose each firm (on average) has the following total cost information:

Quantity012345678

Total Cost101620253240506275

a.Find the profit-maximizing price and quantity for each firm.

b.Calculate the profit for each firm.

c.What is the market price and quantity?

d.In the long-run, will new firms enter or exit this market?