Solved: You are the manager of a monopolistically competitive firm, Business Economics

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You are the manager of a monopolistically competitive firm

You are the manager of a monopolistically competitive firm. The present demand curve you face is P = 80 - 2Q. Your cost function is C(Q) = C(Q) = 100 + 20Q + Q2.

a. What level of output should you choose to maximize profits?

b. What price should you charge?

c. What will happen in your market in the long run? Explain.

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Business Economics: You are the manager of a monopolistically competitive firm

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