Each firm in a competitive market has a cost function of: Upper C equals 49 plus q squared, so its marginal cost function is MC equals 2 q. The market demand function is Upper Q equals 49 minus p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is nothing. (round your answer to the nearest integer)

Output = 5

Explanation:

As per the data given in the question,

Output per firm :

Marginal cost = Average total cost

MC = ATC (Since in long run each type of firm is earning zero economic profit)

(49 + q^2)  ÷ q = 2q

49 + q^2 = 2q^2

49 = q^2

q = 7

Average total cost = (49 + 49) ÷ 7

= 98 ÷ 7

= 14

Hence, Price = min ATC = MR = 14

Market quantity (Q)

= 49 - 14

= 35

Number of firms

= Total quantity ÷ Output per firm

= 35 ÷ 7

= 5

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.