A firm has the following short-run demand and cost schedule for a particular product: Q=100+2P and Total Cost (TC)=200+2Q.
a. Find out the firm's profit-maximizing Quantity Q, Price P, and economic profits or losses.
b. If this firm operates in a monopolistically competitive market, what will happen in the long-run to Q, P and profits?
c. What are two strategies that you would implement to increase your profits?