Question: Each firm in a competitive market has a cost function of: Upper C equals 4 9 plus q squaredC = 4 9 + q 2
Each firm in a competitive market has a cost function of:
Upper C equals plus q squaredCq
so its marginal cost function is
MC equals qMCq
The market demand function is
Upper Q equals minus pQp
Determine the longrun equilibrium price, quantity per firm, market quantity, and number of firms.
Part
The output per firm is
enter your response here.
round your answer to the nearest integer
Part
The longrun equilibrium number of firms is
enter your response here.
round your answer to the nearest integer
Part
The longrun equilibrium price is
$enter your response here.
round your answer to the nearest penny
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