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Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners...

Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for the product is expressed as Q = 5000 – 25P where Q is the number of vacuum cleaners per year and P is in dollars. Cost estimation processes have determined that the firm’s cost function is represented by TC = 1500 + 20Q + 0.02Q2.

B.) How much economic profit do you expect that Robert’s company will make in the first year?

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Answer #1

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