Lilly is at Times Square in New York selling watches. she is one of over 100 watch suppliers in central Manattan, and there are naturally many potential buyers that stroll downtown every day, Furthermore, for the average person, Lilly watches are not distinguishable from her competitors. Given her newly found skill on estimating demand and cost functions, she estimates that his daily inverse demand and cost functions are: p=25-q tc=40+2.5q^2 a. using this information, tell me what lilly profits in the short run should be if she is a profit- maximizing person. b. suppose that lilly makes a discovery in the catskills of a hidden cave, which house magical watches, further, assume she lay claim to this parcel of the land thus claims exclusive owership of this unquie resource. lastly, because of an inheritance, she can now grossly out- advertise all of her competitors in central Manhattan while simultaneously building a watch stand made of gold. calculate Lilly's new profits and explain why she is likely to enjoy excess profits going forward,