Find profit-maximizing price and level of production, Microeconomics

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Find profit-maximizing price and level of production

You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 - 4P and C(Q) = 124 - 16Q + Q2.

a. Find the inverse demand function for your firm's product.

b. Determine the profit-maximizing price and level of production.

Instruction: Price should be rounded to the nearest penny (two decimal places).

Price: $

Quantity:

c. Calculate your firm's maximum profits.

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Microeconomics: Find profit-maximizing price and level of production

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Microeconomics: Find profit-maximizing price and level of production

Reference No:- TGS0518393

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Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find profit-maximizing price and level of production

Reference No:- TGS0518393

Recent Questions Asked Microeconomics

Q : What aims to balance long term with short term concerns

Q : Find an estimate of the risk-free rate

Q : Health status of people in the united states

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