Determine firms equilibrium price and corresponding profits, Microeconomics

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Determine firms equilibrium price and corresponding profits

Problem

Suppose a single firm produces all of the output in a contestable market. The market inverse demand function is P = 250 -4Q, and the firm's cost function is C(Q) = 20Q. Determine the firm's equilibrium price and corresponding profits.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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