In a monopolistically competitive industry, a firm has a short-run and long-run cost function C = 150 + 20Q + 5Q2  The demand function for the firm's product is Q = α – P. (C = cost, Q = quantity, P = price, α = parameter). (i) If α = 116 short, determine the quantity, the price and profit of the business. (ii) What is the firm's demand function at long term equilibrium? MAKE A GRAPH

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