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. Your demand function is: p=25-Q, and your cost function is : TC=5Q. Respectively MR=25-2Q and MC=5.

1) What is MR for Q=8? What is MC for Q=6?

2) Determine the firm price, output and profits. Explain.

3) What will happen in the 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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