(Answered) A monopolistically competitive firm has short-run

Economics

A monopolistically competitive firm has short-run production function given by Q = 5L0.8 , Assume the wage rate is $12 and the firm's fixed cost is $500. If demand for the firm's output is P = 350 - 4Q

(a) Determine the firm's profit maximizing level of output, price, and employment.

(b) Determine the firm's profit.

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Microeconomics, Economics

Category:- Microeconomics
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