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Consider a perfectly competitive market where the demand for the good is given by Q=816-4p, where Q denotes the quantity demanded at price p. On

Consider a perfectly competitive market where the demand for the good is given by Q=816-4p, where Q denotes the quantity demanded at price p. On the supply side, the good can be produced by identical firms. Each firm's cost function of firm i is given by

Ci(qi) = 6 qi2 + 35

where qi denotes the output of firm i.

What is the (long run) equilibrium price in this market?

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