Hello,

Can you please help me with this question

A monopolistically competitive firm has the following demand and total cost curves: Demand : P = 9 - 0.25Q

TC =124-16Q+Q^2

1. Find the price and quantity that maximizes profits for the monopolistically competitive firm
2. How much profits does the monopolistically competitive firm make at the profit-maximizing level of
3. quantity?
4. Explain the following: What adjustments do you expect to happen in the market in the long-run?
5. What will happen to the demand curve of the firm (will it increase/decrease)? How much profits do you expect the firm to earn in the lo