(Answered) Exclusive license to produce product

Economics

You are the manager of a firm that has an exclusive license to produce your product. The inverse market demand curve is: P=350-20Q, the cost function is Cq= 10+30Q

Be sure to show your work

What is your firm's MR function?
What is your firm's MC function?
How much should your firm produce?
What price should your firm charge?
What will profits be in the short run be?
Carefully explain what you except to happen to profits in the long run.

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Macroeconomics, Economics

Category:- Macroeconomics
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