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Determine profit-maximizing price and level of production

Discussion:

1.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.

a. Find the inverse demand function for your firm's product.

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.

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Microeconomics: Determine profit-maximizing price and level of production

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