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Find the profit maximizing price and level of production

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Reference no: EM1370226

Suppose you are a manager of a monopolistically competitive company, and your demand and cost functions are given by Q=20-2P and C(Q) = 104 - 14Q + Q^2

a) find the inverse demand function for your firms product
b) determine the profit maximizing price and level of production
c) calculate your firms profits
d) what long run adjustments should you expect

 

Reference no: EM1370226

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