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You are the manager of a monopolistically competitive firm and your demand and cost functions are given by Q 3 = 16 - (0.2) P

You are the manager of a monopolistically competitive firm and your demand and cost functions are given by Q3 = 16 - (0.2) P3 and C=490 - 50Q + 2.5 Q2

a.Find the inverse demand function for your firm product

b.Determine the profit maximizing price and level of production

c.Calculate your firm's surplus and maximum profits

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