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You are the manager of a monopolistically competitive firm and your demand and cost functions are given by Q 36 4P and CQ 124 16Q Q2 Find the inverse demand function for your firm’s

You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 – 4P and C(Q) = 124 – 16Q + Q2.
a. Find the inverse demand function for your firm’s product.
b. Determine the profit- maximizing price and level of production.
c. Calculate your firm’s maximum profits.
d. What long- run adjustments should you expect? Explain.

May 01 2020 View more View Less

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