you are the manager of a monopoically competititve firm, and your demand and cost functions are given by Q=20-2P and C(Q)+ 104-14Q+Q2.a. find the inverse demand function for your firms productb. determine the profit-maximizing price and level of productionc. calculate your firms maximum profitsd. what long-run adjustments should you expect/ explain

What are expectations, and why are they important in macroeconomic models? What would you think about a macroeconomic model that assumed that people’s expectations of inflation were constant, even though the inflation rate changed over time?

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