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Robert's New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for the product is expressed as Q = 5000 - 25P where Q is the number of vacuum cleaners per year and P is in dollars. Cost estimation processes have determined that the firm's cost function is represented by TC = 1500 + 20Q + 0.02Q2. Show all of your calculations and processes. Describe your answer for each question in complete sentences, whenever it is necessary.
The first question required to use profit maximization in amonopolistic economy to find equilibrium price and output and theprofit made.
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