Price and costs (dollars per calculator) o o r w B 100 200 300 400 500 600 Quantity |calculators per day) 1) The figure above shows the situation facing Smart Digit, Inc., a firm in monopolistic competition that produces calculators. a. What is the profit maximizing output and price? b. Does this firm earn an economic profit? Is so, what is it? . What is the markup at this price/output? da. Does this firm have excess capacity? If so, identify it on the el o] (1o TR . What will happen in the long run in this industry