Each firm in a competitive market has a cost function of
Each firm in a competitive market has a cost function of C=16+q^2, so its marginal cost function is MC=2q. The market demand function is Q=24-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
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each firm in a competitive market has a cost function of c16q2 so its marginal cost function is mc2q the market demand
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