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)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter25: Monopoly

Section: Chapter Questions

Problem 9E

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