In a monopolistically competitive industry, total profits are a function of the number of firms n as follows: () = 10 0.1^(2)

Furthermore, consumer surplus is a function of n : () = ^(3/2)

i) In the long-run equilibrium how many firms will exist in this industry?

ii) What is the socially optimal number of firms in this industry?

iii) Does the long-run equilibrium exhibit insufficient or excessive production?