C.4 Soft Lens, Inc, has enjoyed rapid growth in sales and high operating prots on its innovative extended-wear soft contact lenses. However, the company faces potentially erce competition from a host of new competitor as some important basic patents expire during the coming year. Unless the company is able to thwart such competition, severe downward pressure on prices and prot margins is anticipated. (10 points) Monthly Output Total Cost million 3% million 0 12 27 42 58 5 75 6 S4 7 92 8 96 9 99 105 4.1 If cost conditions remain constant, what is the monopolistically competitive high- priceflow-output long-run equilibrium in this industry? What are industry prots? 4.2 Under the same cost conditions, what is the monopolistically competitive low- pricefhigh-output equilibrium in this industry? What are industry prots