4. Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 +1/2q^2 Marginal cost: MC = q; where q is an individual firm’s quantity produced. The market demand...

4. Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 +1/2q^2
Marginal cost: MC = q; where q is an individual firm’s quantity produced. The market demand curve for this product is Demand: Demand: QD = 120 − P, where P is the price and Q is the total quantity of the good in the market. Currently, there are 9
firms in the market. In each following question, please explain how you find the answer!
4.1 What is the equilibrium price and quantity for this market in the short run?

Extracted text: Total cost: TC = 50 +÷q² Marginal cost: MC = q; where q is an individual firm's quantity produced. The market demand curve for this product is Demand: Demand: QD = 120 – P , where P is the price and Q is the total quantity of the good in the market. Currently, there are 9 firms in the market. In each following question, please explain how you find the answer!