Each of the 8 firms in a competitive market has a cost function of C=5+q?. The market demand function is Q= 360 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $. (Enter your response as a whole number.)

Each of the 8 firms in a competitive market has a cost function of C=5+q?. The market demand function is Q= 360 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $. (Enter your response as a whole number.)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter25: Monopoly

Section: Chapter Questions

Problem 9E

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Question

Each of the 8 firms in a competitive market has a cost function of
C=5+q°.
The market demand function is
Q = 360 – p.
Determine the equilibrium price, quantity per firm, and market quantity.
The equilibrium price is $. (Enter your response as a whole number.)
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