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MONOPOLISTIC COMPETITION (10 points) The market structure of home video gaming systems is best characterized by monopolistic competition. Quasar Entertainment is one of the producers

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MONOPOLISTIC COMPETITION (10 points) The market structure of home video gaming systems is best characterized by monopolistic competition. Quasar Entertainment is one of the producers in this market. The inverse demand for Quasar systems is: P = 20 - 2Q The resulting marginal revenue curve is M(Q) = 20 - 4 Q. Quasar's cost function is: C(Q) = 0.5 Q2 + 40 => MC(Q) = Q. Determine Quasar's prot maximizing level of output and the price charged to customers. Is this a long-run equilibrium

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