3.14 Each of the 10 firms in a competitive market has a cost function of C = 25+q². The market demand function is Q = 120-p. Determine the equilibrium price, quantity per firm, and market quantity. M
3.14 Each of the 10 firms in a competitive market has a cost function of C = 25+q². The market demand function is Q = 120-p. Determine the equilibrium price, quantity per firm, and market quantity. M
Chapter1: Making Economics Decisions
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![3.14 Each of the 10 firms in a competitive market has a cost function of
C = 25+q². The market demand function is Q = 120-p. Determine the
equilibrium price, quantity per firm, and market quantity. M](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0956cf0b-5906-4b5a-a0f4-bc627eb69e8e%2Fad6cc6da-dc98-497f-bbaf-d94d244a04b3%2Fxdutxlt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3.14 Each of the 10 firms in a competitive market has a cost function of
C = 25+q². The market demand function is Q = 120-p. Determine the
equilibrium price, quantity per firm, and market quantity. M
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A competitive firm is a price taker in the market. If a perfectly competitive firm increases its price, it will lose its customers.
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