Profit Maximization with Monopolistically Competitive Firms:
Say a firm produces a particular
good-or-service Qi. Additionally, that firm can be described as a
price-maker-given its monopolistic status. Suppose the market
demand curve for this good-or-service the firm produces can be
described through the following mathematic expression:
Qi(Pi) = 156 –
8Pi. And in addition, the firm’s short-run total cost
(STC) function can be mathematically described through the
following function: STC (Qi) = (1/6) Qi3 –
3Qi2 + 30Qi + 60. Given this information-derive the
profit maximizing level of output (Qi) the firm should produce.
Show all work.
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