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100% D1 = $35,000- $15Q TC = $550,000 + $1,000Q + $10Q? Answer the following and referring to the relevant elements of graph 1 above and show all workings. (a) Calculate price output and profit for the short run equilibrium (show all workings). (5 marks) (b) Calculate price, output and profit for the long run equilibrium (with and without product differentiation) (show all workings). (8 marks) 3 (c) Is the market allocationy efficient in the short run or long run (why or why not?). (2 marks) (d) Is the market productively efficient in the short run or long run (why or why not?). (2 marks) .... W MacBook Air100% Question 2: Monopolistic Competition (17 Marks) Consider the following graph, (graph 1) for the short run equilibrium for a monopolistically competitive firm producing printers for commercial operations. Graph1 $ Price per unit P ATC MC P 2 P3 D3 D2 D. Q2 Q3 Quantity MRz MR1 The following information is given: ne cannon . cine W O .. MacBook Air DII DD 000 F6 F9 F4 F5 F7 F8 F1