Consider the following market representing monopoiistic competition. Price and cost {dollars per unit} 0 4 8 I? 16 20 2-4 Guaniihv {units per day] (a) Determine the level of profit-maximizing output for the firm in this market. (b) Determine the level of marginai revenue at the pro?t-maximizing output for the firm in this market. (0) Determine the level of pro?t-max?nizing price for the firm in this market. (cl) Determine the markup set by the firm in this market. (a) Determine the level of economic profit earned by the firm in this market. (f) Is this market in iong-run equiiibrium? (9) Determine the level of excess capacity available to the firm in this market.

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