HanMi Pharmaceutical produces diabetes and obesity drug under patent protected. The following equations describe HanMi Pharmaceutical's demand, marginal revenue, total cost, and marginal cost: Demand: Q = 100 - P Marginal revenue: MR = 100 - 2Q Total cost: TC = 10Q 0.5Q2 Marginal cost: MC = 10 Q Where Q is quantity and P is the price. Make sure to include your work, so I can see how you obtain the solutions. Simply stating solutions only will not get any mark.

a. How many drugs does HanMi produce?

b. At what price are they sold?

c. What is their profit?

d. Now the patent has been expired. Explain what would happen regarding the entry of new firms and its (HanMi pharmaceutical) economic profit in the long run.