Question 8: Monopolistic Competition (22 points) OrgPro Co. is a monopolistically competitive producer of an organic cereal called Healthy Crunch. The table below shows the firm's demand and cost schedules for their daily production of cereal. Boxes of Total Average Marginal Marginal Total Cereal Price Revenue Total Cost Total Cost Revenue Cost Profit 0 $12 SO $12 n/a SO n/a So 11 11 16 10 20 19 9 27 21 8 32 23.5 7 35 26.5 6 36 30.5 35 35.5 32 41.5 27 48.5 20 56.5 11 65.5 0 75.5 a. Fill in the remainder of the schedule. (4 points) b. Draw a graph of the firm's long run equilibrium. Be sure to include the demand, marginal revenue, marginal cost, and average total cost curves. Also, indicate the optimal amount of output for the firm, QMC, and the price, PMC. Lastly, indicate the level of output that would be produced if this firm were perfectly competitive. (5 points) c. What is the optimal level of output for the firm and what is the firm's profit at this level? (5 points) d. Is the profit earned by the firm an economic profit? Why or why not? (4 points) e. Is the firm producing the efficiently from society's perspective? Why or why not? (4 points)