Microeconomics Questions

$220 210 200 190- 180 170 - 160 150 140 130 120 110 - 100 90 80 70 60 50 40 30 20 10 MR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity 5. You are the manager of a firm that produces a product according to the cost function C(q;) = 160 + 58q; - 6q," + q; . Determine the short-run supply function if: (LO1, LO7) a. You operate a perfectly competitive business. b. You operate a monopoly. c. You operate a monopolistically competitive business. $120 MC 110 100- 90 80 70- 60 50 40 30 20 10 MR 9 10 11 12 13 14 15 Quantity 7. You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 - 4P and C(Q) = 4 +40 + 0'. (LO], LO3, L05) 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