Week 6Discussion’MarketStructures’ Pleaserespond to the following:Fromthe scenario, assuming Katrina’s Candies is operating in themonopolistically competitive market structure and faces thefollowing weekly demand and short-run cost functions_VC= 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000P= 50-0.01Q and MR = 50-0.02Q*Whereprice is in $ and Q is in kilograms. All answers should be rounded tothe nearest whole number.Algebraically,determine what price Katrina’s Candies should charge in order forthe company to maximize profit in the short run. Determine thequantity that would be produced at this price and the maximumprofit possible.
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