QUESTION 4: Monopolistic competition [20 points] The demand and total cost functions for a monopolistically competitive market are: Q(P) = 300/N - P, where N = number of firms TC(Q) = 50 + Q2 There are currently three firms in this market and they are in a short run equilibrium. a) What are the profit maximising QM and PM for each firm? [5 points] b) What is each firm's profit TM? [5 points] c) In the long run, how many firms are in the market (round to the nearest integer)? [10 points]