Question: Please help me with a Monopolistic Competition question and show workings. Thank you. Consider the following graph, (graph 1) for the short run equilibrium for

Please help me with a Monopolistic Competition question and show workings.

Please help me with a Monopolistic Competition question and show workings. Thank you.

Thank you. Consider the following graph, (graph 1) for the short run

Consider the following graph, (graph 1) for the short run equilibrium for a monopolisticallv competitive rm producing air-conditioning units for commercial operations. Graphl S Price per unit Qua ntitv The following information is given: 01 = $31,000 $17.70 TC = $650, 000 + 55,0000 + 512.502 Answer the following and referring to the relevant elements of graph 1 above and show all workings. (3) Calculate price output and profit for the short run equilibrium. (4 marks) (b) Calculate price, output and prot for the long run equilibrium (with and without product differentiation]. (8 marks)

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