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    inverse demand function

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    The manager of monopolistically competitive firm and your demand and cost functions are the following:
    Q=20 -2P and C(Q) = 104 -14Q + Q(2nd Power)

    a. Find the inverse demand function for your firm's product?
    b. Determine the profit-maximizing price and level of production?
    c. Calculate your firm's maximum profits?
    d. What long-run adjustments should you expect? Explain you findings.

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    Solution Summary

    Profit-maximizing price and level of production are shown.