Monopolistic Competition Consider the folowing graph, (graph 1) for the short run equilibrium for a monopolisticaily competitive firm producing printers for commercial operations. Graph1 $ Price per...

please answer part c and d.

Extracted text: Monopolistic Competition Consider the folowing graph, (graph 1) for the short run equilibrium for a monopolisticaily competitive firm producing printers for commercial operations. Graph1 $ Price per unit P1 ATC MC P2 Pa D3 D2 D3 Q2 Qu Q3 Quantity MR2 MR. The following information is given: D1 = $35,000- $15Q TC = $550,000+ $1,000Q+ $10Q? Answer the following and referring to the relevant elements of graph 1 above and show all workings. (a) Calculate price output and profit for the short run equilibrium (show all workings). (b) Calculate price, output and profit for the long run equilibrium (with and without product differentiation) (show all workings). (c) Is the market allocatively efficient in the short run or long run (why or why not?). (d) Is the market productively efficient in the short run or long run (why or why not?).