Each of the 8 firms in a competitive market has a cost function ofC= 5+q?.The market demand function isQ = 120 - p.Determine the equilibrium price, quantity per firm, and market quantity.The equilibrium price is $(Enter your response as a whole number.)The quantity per firm is q=units. (Enter your response as a whole number.)The market quantity is Q =units. (Enter your response as a whole number.)

Answer A firm inverse supply is the marginal cost curve. MC=change in the total cost P=2q…

Each of the 8 firms in a competitive market has a cost function of C=5+q?. The market demand function is Q = 120 - p Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is S (Enter your response as a whole number.) The quantity per firm is q= units. (Enter your response as a whole number.) The market quantity is Q = units. (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 = 120 - p Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is S (Enter your response as a whole number.) The quantity per firm is q= units. (Enter your response as a whole number.) The market quantity is Q = units. (Enter your response as a whole number.)

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 16CQ

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