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Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function
P = 1760 - 12Q
It finance department has estimated its total cost function as
TC = 24,000 + 5 Q - 15 Q2 + 0.333 Q3
a. What is the level of output that maximizes short run profits? To minimize total cost which maximizes short-run profits.
dTC/dQ = 5 - 30Q + 0.999Q^2
Q = 29.86 or 30 units
b. What is the profit maximizing price?
P = 1760 - 12x30 = $1,400
c. What are total profits?
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