(Step-by-Step) You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q=20-2 P and C(Q)=104-14 Q+Q^2.
Question: You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by \(Q=20-2 P\) and \(C(Q)=104-14 Q+Q^{2}\).
- Find the inverse demand function for your firm's product.
- Determine the profit-maximizing price and level of production.
- Calculate your firm's maximum profits.
- What long-run adjustments should you expect? Explain.
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