7. Problems and Applications Q7 Consider a monopolisticallyr competitive market with N firms. Each firm's business opportunities are described by the Following equations: Demand: Q = % Marginal Revenue: MR = 21% 3Q Total Cost: TC = 100 + Q2 Marginal Cost: MC = 3Q As N rises, the demand for each firm's product V . How man\\_.nl units does each firm produce? 40 N C) 1 ,440 N 00 40 40N C) What price does each firm charge? How much prot does each firm make? 0 6'4\"\" 100 N1 100 + \"m N 3 N2 0 0 8,000 O 9'6\"\" 100 N2 In the long run, Erms will exist in this market