Mr. Hari is the CEO of a firm manufacturing bath towels. His brand name is - 'Soft Towels'. He is operating in a competitive environment, where several players are selling similar bath towels. The players understand that they will have to undertake efforts and expenses to differentiate their products to gain enough market share to meet their target of positive economic profits. Customer keep switching between brands depending on prices, sales promotions, customer services and different product features. Questions: Answer the following questions briefly based on text in the above passage: (i) What is the market structure in which Mr. Hari is operating - monopolistic or perfect competition? Give one reason to support your choice. (ii) Is it necessary for Mr. Hari too to undertake efforts and expenses to differentiate his product in the long run? Why? - explain in 20-25 words. (111) Mention one risk of incurring expenses for a sales promotion program Mr. Hari is exposed to in 10-15 words. (d) An oligopoly market has four firms. Their industry demand curve is given by the following function: Q = 900 - 2 PEach one of them has the same TC function given by: TC = 200 + 4 Q* Where Q* is the quantity produced by each firm. Question: Use Cournot's duopoly technique to find the production of each of these firms. Show all your calculations