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Supposed short run inverse demand in a monopolistically competitive market is represented by: p(X)=18-0.2x. Cost is given by TC (x)= 320+2x+0.05 x2

a. Given these demand and cost conditions, what price, output and profits result in the short run?
b. What will happen as the firm moves from the short to the long run?

Microeconomics, Economics

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