[All Steps] The following is a demand function that has been estimated for a monopolistically competitive firm. (30 pts) Q = 320 - 2P If the firm’s TVC
Question: The following is a demand function that has been estimated for a monopolistically competitive
firm. (30 pts)
Q = 320 – 2P
If the firm’s TVC function is
TVC = 40Q – 1.5Q 2 +1/3 Q 3
Total fixed cost = $500
- How much should the firm produce in order to maximize profit?
- What is the maximum profit that the firm can generate at output level (your answer in a)
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