3. A monopolistically competitive firm sells bootsand has the following in the short run:Demand:P = 80 – 0.5Q%3DMR:MR = 80 – QTC = 1.5Q? + 401.5Q + (40/Q)TC:АТC:MC:MC = 3Q%3DFind the firm's profit maximizing quantity and price. Find the firm's profit or loss.Show some work here:Quantity =Price =Profit or Loss =(circle one, and write the number)

Monopolistic competition is a market structure in which many sellers sell differentiated products.

3. A monopolistically competitive firm sells boots and has the following in the short run: Demand: P = 80 – 0.5Q MR: MR = 80 – Q TC = 1.5Q2 + 40 1.5Q + (40/Q) TC: %3D АТС: MC: MC = 3Q Find the firm's profit maximizing quantity and price. Find the firm's profit or loss.

3. A monopolistically competitive firm sells boots and has the following in the short run: Demand: P = 80 – 0.5Q MR: MR = 80 – Q TC = 1.5Q2 + 40 1.5Q + (40/Q) TC: %3D АТС: MC: MC = 3Q Find the firm's profit maximizing quantity and price. Find the firm's profit or loss.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 1.1P

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