1. Consider a monopolistically competitive market of hair salon. Glamour Hair Salon is one of the many firms in the market best known for their hair spa service. They have been running the business for 30 years already. With this, imagine its long run equilibrium. a. Illustrate using a graph the demand curve of Glamour Hair Salon's hair spa service. Using the same graph, draw its marginal-revenue curve, average-total-cost curve, and marginal-cost curve. Label its profit-maximizing output and price.. b. Determine the Glamour Hair Salon's profit in hair spa. Briefly describe it.. c. Using the same graph you made in Letter a, indicate the consumer surplus generated of the clients the Salon. Similarly, indicate the deadweight loss relative to the efficient level of their hair spa service...

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