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You manage pricing at Parker Parts, a small industrial parts manufacturer that competes with other similar manufacturers. Markets for all your products are Monopolistically Competitive.
You manage pricing at Parker Parts, a small industrial parts manufacturer that competes with other similar manufacturers. Markets for all your products are Monopolistically Competitive. Given your competitors' current prices, the demand for your product number #1A is given by the function P(Q) = 300 Q, where P is the price you charge per unit of this product and Q is the volume of production of this product per week. Your total economic (implicit plus explicit) costs for this product are given by TC(Q) = 10,000 + 40Q. Your marginal cost function is MC(Q) = 40. What is your marginal revenue function for this product
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