Question: Each firm in a competitive market has a cost function of: Upper C equals 2 5 plus q squaredC = 2 5 + q 2
Each firm in a competitive market has a cost functionof:
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 thelongrun equilibriumprice quantity perfirm marketquantity and number of firms.
Part
The output per firm is
enter your response here.
round your answer to the nearestinteger
Part
Thelongrun equilibrium number of firms is
enter your response here.
round your answer to the nearestinteger
Part
Thelongrun equilibrium price is
$enter your response here.
round your answer to the nearestpenny
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