You are the manager of a monopolistically competitive firm, Microeconomics

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You are the manager of a monopolistically competitive firm

You are the manager of a monopolistically competitive firm. The inverse demand curve you face is P = 50 – 4Q. Your cost function is C(Q) = 10 + 2Q.

1. What level of output should you produce to maximize profits?

2. What is your profit and what will happen in your market in the long run? Explain.

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Microeconomics: You are the manager of a monopolistically competitive firm

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Microeconomics: You are the manager of a monopolistically competitive firm

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