e 1. The following graph shows a firm operating in a monopolistically competitive market. How many haircuts will the firm perform in the short term, and at what price? At this point, what will its total revenue, total cost, and total profit be? Given your answers, what would we expect to happen in the long term in this market (i.e., are we at long-term equilibrium, or will we see further changes)? Costs and revenue (dollars per haircut) ATC . $25 |- 21 0 110 140 Quantity (haircuts MR per week) 2. Central Grocery in New Orleans is famous for its muffuletta, a large round sandwich filled with deli meats and topped with a tangy olive salad. Suppose the following table represents cost and revenue data for Central Grocery. cost and revenue data for Central Grocery Muffaletta Sold Price Total Revenue Marginal Total Cost Marginal Cost Average Total per Day (P) (TR) Revenue (MR) (TC) (MC) Cost(ATC | RES 0 $15 $12