Ch Problem 08-07 (algo) You are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q = 40 - 4P and C(Q ) = 4 + 2Q + Q a. Find the inverse demand function for your firm's product. P= 10 0.25 Q b. Determine the profit-maximizing price and level of production. Instructions: Round your response to the nearest penny (two decimal places). Price: $ 9.4 Instructions: Round your response to one decimal place. Quantity: c. Calculate your firm's maximum profits. Instructions: Round your response to the nearest penny (two decimal places). $