Each firm in a competitive market has a cost function of: C= 25 + q°, so its marginal cost function is MC = 2q. The market demand function is Q= 40-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is (round your answer to the nearest integer)
Each firm in a competitive market has a cost function of: C= 25 + q°, so its marginal cost function is MC = 2q. The market demand function is Q= 40-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is (round your answer to the nearest integer)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The output per firm-
Long run equilibrium number of firms is
Long run equilibrium price is-$
![Each firm in a competitive market has a cost function of:
C= 25 + q°,
so its marginal cost function is
MC = 2q.
The market demand function is
Q= 40 - p.
Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
The output per firm is. (round your answer to the nearest integer)
DEC
13
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Transcribed Image Text:Each firm in a competitive market has a cost function of:
C= 25 + q°,
so its marginal cost function is
MC = 2q.
The market demand function is
Q= 40 - p.
Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
The output per firm is. (round your answer to the nearest integer)
DEC
13
tv
MacBook Air
80
esc
F1
F2
F3
F4
F5
F6
F7
@
#3
24
%
&
1
2
Q
W
R
Y
tab
A S
D
caps lock
エ
くO
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