need answer typing clear urjent no chatgpt plz 3. Suppose a monopolistically competitive firm’s demand is given by P = 4,000 – 2Q And its cost function is given by TC = 5 + 40Q a. Find the profit maximizing quantity, price, and total profit level. b. If the firm is regulated to charge Price = Marginal Cost, calculate how much profit it will make.

need answer typing clear urjent no chatgpt plz 3. Suppose a monopolistically competitive firm’s demand is given by P = 4,000 – 2Q And its cost function is given by TC = 5 + 40Q a. Find the profit maximizing quantity, price, and total profit level. b. If the firm is regulated to charge Price = Marginal Cost, calculate how much profit it will make.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter7: Nonlinear Optimization Models

Section7.3: Pricing Models

Problem 2P

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