Suppose that you are on the board of directors of a firm which is the dominant firm in the industr… Show more Suppose that you are on the board of directors of a firm which is the dominant firm in the industry. That is, it lets all of the other firms, which are much smaller, sell all they want at the existing market price. In other words the smaller firms act like perfect competitors. Your firm, on theother hand, sets the market price, which the other firms accept. The demand curve for your industry product is P=300 – Q where P is the product price and Q is the total quantity demanded. The total amount supplied by the other firms is equal to QR where QR = 49P If your firm marginal cost curve is given by MC = 2.96QL where QL is the output of your firm, at what output level should you operate to maximize profit? What price should you charge? How much will the industry as a whole produce? Side Note: Please ignore all “Ãƒâ€š ” symbols. I dont know how to take them off. Thank you • Show less