The sales of Laptops increased exponenn'ally during the Covid Crisis. It was observed that membership to internet services, Zoom also increased as well. Lenovo Laptops are widely considered to be the one of the top industry leaders in sales of Laptops. It's sleek design and lightweight rnakes it popular among students and professional alike. Lenovo competes with other similar brands and can be classied operating under the condio'ons of monopoliso'c competition. An economist estimates the demand function as P : 1250 77.5 Q, where P is in dollars and Q is in number of Lenovo Laptops sold per week. She also eso'mates the weekly expenses varywith output according to the following cost equation: TC = 10,000 + 25o mo2 + 1/3 QB. Based on these equations: 1. Determine the rm's short-run prot-maximizing price and output rate. 2. What are the rm's xed and variable cost? What are the rm's total revenues and total costs? ls this rm making an economic prot. economic loss ora normal prot? 3. Suppose intense cornpeo'tion brings down prices and revenues. Calculate at what prices will the rm for each ofthe following cases: a) Make a normal prot? b) lhcurs a loss but should continue to produce in the short-run? and c) Incurs a loss but should shut down? 4. it has been reported that in PostCovid period. the market for laptops and for Lenova has decreased. What strategies can the Levono company take besides lowering the price to increase sales as well as prots? Of'l'er at least three specic strategies and explain how these can be cost-effective and result in higher prots