Glowglobes are produced by identical firms in a perfectly competitive market. There are 22 firms in the market. Each firm's Total Cost function is TC=284+3q+q^2 and Marginal Cost function is MC=3+2q. Market demand is Q=326-P.  What is the short-run equilibrium market price?

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter9: Perfect Competition
Section9.1: The Theory Of Perfect Competition
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Glowglobes are produced by identical firms in a perfectly competitive market. There are 22 firms in the market. Each firm's Total Cost function is TC=284+3q+q^2 and Marginal Cost function is MC=3+2q. Market demand is Q=326-P. 

What is the short-run equilibrium market price?

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