Cost function for a monopolistically competitive firm

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Reference no: EM13692402

Suppose the demand and cost function for a monopolistically competitive firm are given by: Q=36-4Q,C(Q)=124-16Q+Q^2.

Determine the profit maximizing price and level of output.

Calculate the firm’s maximum profits.

What long-run adjustment should you expect? Explain.

Reference no: EM13692402

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