Please assist with the given problems. Provide step by step computations.
Task: Hypothetical monopoly firm is characterized by the given diagram.
(See below diagram)
Q1. Assuming that the above firm is a profit maximizer operating in the short run, determine its optimal output? This occurs where MR=MC and that is ______?
Q2. Determine the firm's Total Revenue?
Q3. What is the Total Cost?
Q4. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its price and output.