Lesson 10-Written Homework Assignment 1. Using an appropriate graph obtained from google images show and explain why monopolistic competitive firms can only make zero economic profits in the long run? 2. Assume that a monopolist competitive firm is making normal profits. a. Compute the firm's total cost if its revenues are $100 million? b. Compute the firm's implicit costs if its normal profits are $20 million? c. Is this firm operating in the short or long run? Please explain? d. Provide examples of two monopolistic competitive businesses in your hometown? In what ways do these businesses exemplify the monopolistic competitive model?3. ease-rave Use the graph below to answer questions ag Price and cost (dohrs per client} 100.00 T000 40.00 30.00 10.00 I000 0 2 4 6 3 I0 Omit? (M3 P\" '1?) Is the monopolistic competitive rm operating in the short or long run? Briey explain your answer to question {a}? Is the monopolistic competitive rm making a loss or a profit? Briey explain your answer to (c)? Howr much loss or profit is it making? Howr many units would the monopolistic rm produce to maximize profits? What price would the monopolistic competitive firm charge to maximize profits