You are the manager of a monopolistically competitive firm, and your demand and cost functions are estimated as Q= 32 - 4P and C(Q) = 4 + 20+ Q2. a. Find the inverse demand function for your firm's product. P= Q 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). $ d. What long-run adjustments should you expect? Explain. O Neither entry nor exit will occur. O Entry will occur until profits are zero. O Exit will occur until profits rise sufficiently high