You are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q=40-4Pa C(Q)=4+2Q+Q². a. Find the inverse demand function for your firm's product. P= 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. Neither entry nor exit will occur. O Entry will occur until profits are zero.

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