A perfectly competitive market is described by the demand curve QD
= 60 - 2P, and the supply curve QS = 5P - 10. A typical firm in the market has the total cost equation: C = 16 + 2QF + QF2
What is the equilibrium price in the market?
What is the equilibrium quantity in the market?
Compute the firm's total revenue.
Compute the firm's total cost.
Compute the firm's total profit.
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