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You are the manager of a monopolistically competitive firm and

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.

c. Calculate your firm’s maximum profits.

d. What long- run adjustments should you expect? Explain.

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

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

c. Calculate your firm’s maximum profits.

d. What long- run adjustments should you expect? Explain.

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