You are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q=36 - 4P and C(Q) = 4+4Q+ Q2. a. Find the inverse demand function for your firm's product. P = Q b. Determine the profit-maximizing price and level of production. Instruction: Price should be rounded to the nearest penny (two decimal places). Price: $ Quantity: c. Calculate your firm's maximum profits. Instruction: Your response should appear to the nearest penny (two decimal places). $ d. What long-run adjustments should you expect? Explain. O Entry will occur until profits are zero. O Exit will occur until profits rise sufficiently high. Neither entry nor exit will occur