7 Consider a monopolistically competitive market with / firms. Each firm's business opportunities are described by the following equations: Demand: Q = 100/N - P Marginal revenue: MR = 100/N - 2Q Total cost: TC = 50 + Q2 Marginal cost: MC = 2Q a How does /, the number of firms in the market, affect each firm's demand curve? Why? b How many units does each firm produce? (The answers to this and the next two questions depend on N.) c What price does each firm charge? d How much profit does each firm make? e In the long run, how many firms will exist in this market