Only typed answer You are the manager of a monopolistically competitive firm, and your demand and costfunctions are estimated as Q=36-2P and C(Q) = 6 +3Q+Q².a. Find the inverse demand function for your firm's product.P=|0.5 Qb. Determine the profit-maximizing price and level of production.Instructions: Round your response to the nearest penny (two decimal places).Price: $Instructions: Round your response to one decimal place.Quantity:c. Calculate your firm's maximum profits.Instructions: Round your response to the nearest penny (two decimal places).d. What long-run adjustments should you expect? Explain.Exit will occur until profits rise sufficiently high.Neither entry nor exit will occur.Entry will occur until profits are zero.

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u are the manager of a monopolistically competitive firm, and your demand and cost. ctions are estimated as Q=36-2P and C(Q)=6+3Q+Q². Find the inverse demand function for your firm's product. 0.5 Q 18 Determine the profit-maximizing price and level of production. structions: Round your response to the nearest penny (two decimal places). ice: $ structions: Round your response to one decimal place. uantity: Calculate your firm's maximum profits. structions: Round your response to the nearest penny (two decimal places). What long-run adjustments should you expect? Explain. Exit will occur until profits rise sufficiently high. ONeither entry nor exit will occur. O Entry will occur until profits are zero.

u are the manager of a monopolistically competitive firm, and your demand and cost. ctions are estimated as Q=36-2P and C(Q)=6+3Q+Q². Find the inverse demand function for your firm's product. 0.5 Q 18 Determine the profit-maximizing price and level of production. structions: Round your response to the nearest penny (two decimal places). ice: $ structions: Round your response to one decimal place. uantity: Calculate your firm's maximum profits. structions: Round your response to the nearest penny (two decimal places). What long-run adjustments should you expect? Explain. Exit will occur until profits rise sufficiently high. ONeither entry nor exit will occur. O Entry will occur until profits are zero.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Only typed answer

You are the manager of a monopolistically competitive firm, and your demand and cost
functions are estimated as Q=36-2P and C(Q) = 6 +3Q+Q².
a. Find the inverse demand function for your firm's product.
P=|
0.5 Q
b. Determine the profit-maximizing price and level of production.
Instructions: Round your response to the nearest penny (two decimal places).
Price: $
Instructions: Round your response to one decimal place.
Quantity:
c. Calculate your firm's maximum profits.
Instructions: Round your response to the nearest penny (two decimal places).
d. What long-run adjustments should you expect? Explain.
Exit will occur until profits rise sufficiently high.
Neither entry nor exit will occur.
Entry will occur until profits are zero.

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