firm’s product b. Determine the profit-maximizing level of production and price. Quantity: ? Price: ? c. Calculate your firm's maximum profits. d. I expect profit to (blank), price to (blank), and quantity to (blank).
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You are the manager of a
a. Find the inverse demand function for your firm’s product
b. Determine the profit-maximizing level of production and price.
Quantity: ?
Price: ?
c. Calculate your firm's maximum profits.
d. I expect profit to (blank), price to (blank), and quantity to (blank).
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- You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 – 4P and C(Q) = 4 + 4Q + 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-term adjustments should you expect? Explain.You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 − 4P and C(Q) = 4 + 4Q + Q2a. 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? ExplainYou are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 18 – 2P and C(Q) = 2 + 2Q + 0.5Q2. 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.
- 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. [NOTE à MC(Q) = -16+2Q] a) Find the inverse demand function for your firm’s product. b) Determine the profit-maximizing level of production. c) Calculate your firm’s profits level. d) What long-term adjustments should you expect? ExplainYou are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q = 36 − 4P and C(Q) = 4 + 4Q + Q2. a. Find the inverse demand function for your firm’s product. P =____ −_____ Q b. Determine the profit-maximizing price and level of production. Instruction: Price should be rounded to the nearest penny (two decimal places). Price: $_____ Quantity:_____ c. Calculate your firm’s maximum profits. Instruction: Your response should appear to the nearest penny (two decimal places). $______ d. What long-run adjustments should you expect? Explain. multiple choice A. Entry will occur until profits are zero. B. Neither entry nor exit will occur. C. Exit will occur until profits rise sufficiently high.You are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q = 48 − 2P and C(Q) = 6 + 3Q + Q2. a. Find the inverse demand function for your firm’s product. P = − Q b. Determine the profit-maximizing price and level of production. Instructions: Round your response to the nearest penny (two decimal places). Price: $ Instructions: Round your response to one decimal place. Quantity: c. Calculate your firm’s maximum profits. Instructions: Round your response to the nearest penny (two decimal places). $ d. What long-run adjustments should you expect? Explain. multiple choice Entry will occur until profits are zero. Exit will occur until profits rise sufficiently high. Neither entry nor exit will occur.
- You are the manager of a monopolistically competitive firm and your demand and cost functions are given by Q2 = 10 – (0.1) P2 and C=490 - 50Q + 2.5 Q2 Find the inverse demand function for your firm product Determine the profit maximizing price and level of production Calculate your firm’s surplus and maximum profitsYou are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q= 36 - 4P and C(Q)=4+4Q+Q^2. What long-run adjustments should you expect? Explain. What is the value of the consumer surplus (under monopoly)? Calculate the deadweight loss (under monopoly). What is the value of the Lerner Index? Explain what this number means.Suppose you are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 − 4P and C(Q) = 4 + 4Q + Q2 Find the inverse demand function for your firm’s product. Determine the profit-maximizing price and level of production. Calculate your firm’s maximum profits.
- How would a monopolistically competitive firm determine its profit maximizing level of output and price? Group of answer choices 1-The firm would use industry averages to determine the profit maximizing level of output and price. 2-A monopolistically competitive firm could set any output and price level to yield maximum profit because it controls all of the resources. 3-The firm would determine output based on the intersection of marginal cost and marginal revenue, then examine where that output level intersects with the demand curve to determine the price. 4-The firm would determine output based on the intersection of average cost and marginal cost, then examine where that output level intersects with the supply curve to determine the price.The demand function for a monopolistically competitive firm's product is Q = 100 – 4P, while the firm's cost function is C = 500 + 10Q + 0.5Q2.(a) Determine the firm's equilibrium price and quantity.(b) Is the firm in long-run equilibrium? If not, what is expected to happen in the long run if the firm remains in the industry?Explain how either economic profit or loss minimization could be representative of the short-run profitability realized by firms within a monopolistically competitive market, but breakeven or normal profit, represents the definitive long-run profitability that will come to exist for the firms operating in that market.
