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 25 plus q squaredC=25+q2,
so its marginal cost function is
MC equals 2 qMC=2q.
The market demand function is
Upper Q equals 35 minus pQ=35p.
Determine thelong-run equilibriumprice, quantity perfirm, marketquantity, and number of firms.
Part 2
The output per firm is
enter your response here.
(round your answer to the nearestinteger)
Part 3
Thelong-run equilibrium number of firms is
enter your response here.
(round your answer to the nearestinteger)
Part 4
Thelong-run equilibrium price is
$enter your response here.
(round your answer to the nearestpenny)

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