Assume a firm engaging in selling its product and promotional activities in monopolisti ccompetition face short run demand and cost functions as Q = 20-0.5P and TC= 4Q2-8Q+15,   respectively. Having this information a) Determine the optimal level of output and price in the short run. b) Calculate the economic profit (loss) the firm will obtain (incur). c) Show the economic profit (loss) of the firm in a graphic representation

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A: P1= 1250-3.5Q C(Q)= 1200+1.5Q+0.8Q2

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A: Q1 = 100 - p1 Q2 = 120 - 0.5p2 TC = 2000 + ( Q1 + Q2)2

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