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)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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