You must explain your answer (No credit will be given to answers without explanation). Unreadable answers will not receive any credit. Q3 (30 points) produces a stylized music device. The company is the market Initially the monopolist in this market. The product' s demand is given by: p 150-Q The firm 's production cost is given by: TC = 600 + 1/2Q2_ (i) (10 points) Find out maximizing output level and price. During many years, Riug*pplg faces many entrants to the market since the patent has (the industly now is monopolistically competitive). Due to many close substitutes, the faces converges to p = u Q in a long mn (u is the maximum value of the product) (ii) (20 points) Find Rigg*ppWs output level and the price in a long run 'Ahen advertisement no_ works.