Hi! I was wondering if you could help me out with these Perfect Competition and Monopolistic Competition questions. I have having a hard time understanding so I really am grateful for the help. I was also wondering if you could show all your work as I feel like it would help me. Thank you :)

Suppose that a firm is in a perfectly competitive market has a long-run cost function given by the following: CO?) = 400 + 0.2502 This implies a Marginal Cost Function also given by; MC(Q) = 0.51? 1. Plot a figure with this firm's LRAC and MC functions. Have quantity ((1) on the x-axis, and these costs on the y-axis. [2 points] 2. In Long-Run Equilibrium, what must be the quantity that this firm produces and what must be the market price? [4 points] Suppose that all firms in this perfectly competitive market is identical, and that the total demand function for the market is given by: Q = 2.000 20p 3. In longrun equilibrium, what is the quantity that is demanded? [1 point] 4. How many rms therefore must be in this market in long-run equilibrium? [2 points] Suppose now that Demand increases to Q = 4,000 20p 5. What would we expect to happen to the Quantity that each firm produces, and the number of firms in the market in the long-run? [2 points] Now, suppose that we are no longer in a perfectly competitive market, and instead are in a monopolistically competitive market. Each firm now faces their own individual demand given by: Q = 210 2p 6. Given the above Demand, what quantity would this firm decide to produce? What price would they charge for this product? How much profits would the monopolistically competitive firm make? [3 points] 7. Draw a figure with this rm's (i) Demand Function, (ii) Marginal Revenue Function, (iii) Marginal Cost (MC) Function, and (iv) Long-Run Average Cost (LRAC) function. Have quantity ((1) on the x-axis. [3 points] 3. What would you expect to happen to the number of firms in this monopolistically competitive market in the long-run? Draw another figure similar to your figure in C17. and show the shift that occurs as this market moves towards Long-Run equilibrium? [3 points]