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Determine the short-run equilibrium market price

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Suppose there are 10 firms in a perfectly competitive market, with each facing the following short-run total cost: TC = 16 + q2, where q is each individual firm's output. Note: In this case, each firm has a marginal cost (MC) given by: MC = 2q. If the market demand is: Qd = 24 - P, where Qd is quantity demanded and P is the market price, determine the short-run equilibrium market price, market quantity, quantity each firm sells, and the profit of each firm.

Reference no: EM131971842

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