Given the information in the table below and assuming monopolistic competition:

a.(1 pt) What is this firm's optimal level of output?

b.(1 pt) Please calculate this firm's maximum profit.

c. (1 pt) Is this firm in long run equilibrium?Please explain.

Some equations

Profit = TR - TC

AVC = VC / Q

TR = P x Q

ATC = TC / Q

TC = FC + VC

MR = change in TR / change in Q

MC = change in TC / change in Q

Q Price ($) MR ($) MC ($) ATC ($)

0 200 -- -- --

2 194 194 100 282

4 188 182. 120 201

6 182 170 144 182

8 176 158 172 179

10 170 146 207 185