Business, 18.10.2021 22:20 charitysamuels

You are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q = 36 − 4P and C(Q) = 4 + 2Q + Q2. a. Find the inverse demand function for your firm’s product.

P = 9 - .25 Q

b. Determine the profit-maximizing price and level of production.

Instructions: Round your response to the nearest penny (two decimal places).

Price: $

Instructions: Round your response to one decimal place.

Quantity:

c. Calculate your firm’s maximum profits.

Instructions: Round your response to the nearest penny (two decimal places).

$

d. What long-run adjustments should you expect? Explain.

multiple choice:

Neither entry nor exit will occur.
Entry will occur until profits are zero.
Exit will occur until profits rise sufficiently high.

Answers: 3

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You are the manager of a monopolistically competitive firm, and your demand and cost functions are e...

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