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You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 20- 3P and C(Q) =

You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 20- 3P and C(Q) = 216 - 8Q + Q².

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 adjustment should you expect? Explain

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