ou are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated asQ = 48 4P and C(Q) = 4+ 2Q + Q².

a. Find the inverse demand function for your firm's product.

b. Determine the profit-maximizing price and level of production.

Instructions: Round your response to the nearest penny (two decimal places).

Price:

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).