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Revenue and cost functions under monopolistic competition

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Reference no: EM131958700

Question: A firm had the following Revenue and Cost functions under monopolistic competition:

Revenue function:

AR = P = 500 - 0.2 Q

MR = 500 - Q

Cost functions:

TC = 5,000 + 50 Q

MC = 50

From the above information, calculate:

Equilibrium price

Equilibrium quantity

Level of profit

Also represent the equilibrium price and quantity diagrammatically.

Reference no: EM131958700

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