Explain and show what is this equation mean and how to get the answer And where is this equation come from and how it these numbers come from?

You are the manager of a small Widget producing rm. Now there are 14 such rms including yourself. Each rm is identical; each one produces the same product and has the same cost of production described by the following total cost function: Total cost : 200 + 50q where q is the output of an individual firm. The marketclearing price at which you can sell your widgets depends on how many widgets both you and your rival chose to produce. The market demand for widgets is given by P : 290 , (1/ 3)Q Where Q is the sum of all individual rm output levels. Your goal is to maximize prots. How many Widgets should your rm produce in order to achieve the prot maximization goal? Assume that you are rm 1. To determine your best response function, you equate your marginal revenue with marginal cost. 2 1 l4 3 1 l4 2907Q17 ZQj = 50 :>Ql :7 2407 2Q, 3 3 i=2 2' 3 1:2. Since your rivals and you are identical, Q: : Qi for all 1'. Therefore, 23 _1 14 t ._ ._ _l : Q _2[240 3627p jg _48:>P _290 3(14)(48) 66