Determine quasars profit maximizing level of output, Microeconomics

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Determine quasars profit maximizing level of output

Problem

The market structure of home video gaming systems is best characterized by monopolistic competition. Quasar Entertainment is one of the producers in this market. The inverse demand for Quasar systems is: P = 500 - 9.75Q Quasar's total cost function is: TC(Q) = 0.25Q² + 6and it's MC = 0.5Q. Determine Quasar's profit maximizing level of output and the price charged to customers. Explain whether the market is in a long-run equilibrium?

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