Arm in a monopolisticallv competitive market faces the following demand curve: I eLeamIng HEIP a Q{P1=2,2235?P Its total cost function is: TCIQ} = $ 15C) + $ 1208 Calculate the prot maximizing quantitv : QUESTION 2 For the rm in the previous question Calculate the prot maximizing price : QUESTION 3 For the rm in the previous question Calculate the prots at the prot maximizing price and quantity : QUESTION 4- Continuing from the previous question has this monopolisticallv competitive market reached its longmn equilihn'um '3' Yes, price is equal to average cost and so economic prots have been driven to zero. 0 No, price is not equal to average cost and so economic prots have not been driven to zero vet