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Consider a monopolistically competitive firm selling University sweatshirts. The product demand (given in inverse form) is...

Consider a monopolistically competitive firm selling University sweatshirts.

The product demand (given in inverse form) is P = 90 – 2Q

The firm’s marginal cost function is MC = 2Q

The profit maximizing quantity produced by this firm is ___________ sweatshirts.

Consider the same sweatshirt firm. The firm will charge a price of $_____ per sweatshirt at this profit maximizing output level.

Consider the same sweatshirt firm. Suppose at the profit maximizing level of output, the firm’s average cost is $36 per sweatshirt. Given that, the total economic profit earned by the firm is $_________.

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