A monopolistic competition firm faces the following demand and cost functions. P = 100 - 2q

C = 30 + 2q2

a) Determine the profit maximizing price, output and profit of the firm.

b) Determine the average cost, average variable cost, average fixed cost and marginal cost of the firm at the equilibrium output.

c) Draw a suitable diagram identifying/positioning the values of equilibrium price, output, average cost, marginal cost and profit of the firm.