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You're the manager of monopolistically competitive firm. The present demand curve you face is P=100-4Q. Your cost function is C(Q)=50+8.5Q2 (That's Q squared).

a. What level of output should you choose to maximize profits?

b. What price should you charge?

c. What will happen in your market in the long run? Explain.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9305356

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