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A firm under monopolistic competition faces the demand curve: P = 500 - 12.5Q. The firm's marginal cost is MC = 200 + 5Q.

a. Find the firm's profit-maximizing output and price.
b. Assuming that the firm is at its long-run equilibrium position, estimate total revenue, total cost, and total profit.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940397

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