The demand and total cost (TC) functions of a firm operating in monopolistic competition are estimated as follows:- P = 4700-80Q TC = 1200 + 50Q + 0.4Q^2 Briefly explain the elasticity of a monopolistic competitive demand curve. Compute the profit for the firm at its profit maximizing output and price. Discuss the type of profit the company will earn in the long run. (10 marks)