or a file upload File Types doc. docx, and rif Available Sep 10 at 12:01am - Oct 22 at 11pm Assume that the short-run cost and demand data given in the table below confronts a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compare the marginal cost and marginal revenue of each unit of output and enter these figures in the table (be CAREFUL calculating marginal revenue--you need to see changes in total revenue as price falls to do so and you DON'T have a TR column provided here--you might want to generate your own)_ Table of Q Output, TC, MC, Qd, P and MR Output Total cost Marginal cost Quantity demanded Price Marginal revenue O $75 $180 120 165 5 135 150 165 135 210 270 105 ring 345 8 435 co 540 CO 8 ON 660 795 8 (a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run? As always, you need to say enough on each topic to let me know you understand what you're talking about. Any response that seems to quote too extensively from your text OR from any other source will receive NO points. Any response using the exact same wording as another student's will receive NO points