The output per firm is _The long run equilibrium number of firms is_The long run equilibrium price is $_ Each firm in a competitive market has a cost function of:C=25+g°,so its marginal cost function isMC = 2q.The market demand function isQ= 40-p.Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.The output per firm is . (round your answer to the nearest integer)13MacBook AirescF4F5F6F7F2F3!@232$&1234QWERTtabASFGcaps lock

The equilibrium for a competitive firm is given at a point : P = MC MC = 2q for q units For Q…

Answered: Each firm in a competitive market has a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The output per firm is _ The long run equilibrium number of firms is_ The long run equilibrium price is $_

Each firm in a competitive market has a cost function of:
C=25+g°,
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)
13
MacBook Air
esc
F4
F5
F6
F7
F2
F3
!
@
23
2$
&
1
2
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4
Q
W
E
R
T
tab
A
S
F
G
caps lock

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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