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 49 plus q squaredC=49+q2,
so its marginal cost function is
MC equals 2 qMC=2q.
The market demand function is
Upper Q equals 56 minus pQ=56p.
Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
Part 2
The output per firm is
enter your response here.
(round your answer to the nearest integer)
Part 3
The long-run equilibrium number of firms is
enter your response here.
(round your answer to the nearest integer)
Part 4
The long-run equilibrium price is
$enter your response here.
(round your answer to the nearest penny)

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