We now assume the firm producing a steel bar is under monopolistic competition. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would...

We now assume the firm producing a steel bar is under monopolistic competition. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%.

The firms fixed cost is $45,000. Its variable cost in thousands at each level of production are 45, 85, 120, 150, 185, 225, 270, 325, 390, and 465.

1. How much would be the consumers' surplus when the firm produces in the long run?

2. How much would be the economic profit of the firm?