monopolistic competition

The market for smoothies is perfectly competitive with 100 firms. The following sets out the cost schedule for one firm. Perfectly Competitive Market - Soothie MC 6 Cost / Price ($) ATC 4 AVC $2.91 2 P = AR = MR 30 40 50 70 80 90 OutputEach of the 100 firms has the costs given in the following table: Output MC AVC ATC 30 $2.25 $4.00 57.33 40 2.2 3.53 6.03 50 1.9 3.24 5.24 60 2.00 3.00 4.67 70 2.91 2.91 4.34 80 4.25 3.00 4.25 90 8.00 3.33 4.44 a. What is the market price, market quantity as well as quantity produced for each firm of a smoothie? b. What is the economic profit made or economic loss incurred by each firm? c. In Parts (a) and (b), do firms enter or exit the market in the long run? What is likely to happen to the market price and the equilibrium quantity in the long run