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Problem: A firm's inverse demand function is p=400-4Q , C=500+200Q
a) Find the profit-maximizing outputs under competitive and monopoly market;
b) Find the profit-maximizing prices under competitive and monopoly market;
c) Find the maximum profit under competitive and monopoly market;
d) Whether the firm shut down in the short run under competitive and monopoly market?Why?
e) Find the dead weight loss.
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