Calculate the equilibrium price in the market

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Reference no: EM13800434

A perfectly competitive market is described by the demand Q = 70 - 2p and the supply curve Q =5p - 20.

A. A firm in the market has a total cost equation of C = 16+ Q^2 + 2Q

a. Calculate the equilibrium price in the market.

B. Calculate the profit maximizing out for the firm.

C. Compute the firm’s total profit

D. can this outcome persist in the long run?

Reference no: EM13800434

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