Glowglobes are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=599+17q+q^2 and Marginal Cost function is MC=17+2q. Market demand is Q=517-P. If the market price is $95, what is the quantity each firm produces?

Glowglobes are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=599+17q+q^2 and Marginal Cost function is MC=17+2q. Market demand is Q=517-P. If the market price is $95, what is the quantity each firm produces?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section: Chapter Questions

Problem 7WNG

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Glowglobes are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=599+17q+q^2 and Marginal Cost function is MC=17+2q. Market demand is Q=517-P.

If the market price is $95, what is the quantity each firm produces?

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