Cournot n-opolists each with production function q = K1/4L1/4 hire labour and capital competitively at PK = $1 and PL = $1. Market demand is P = 24 - Q. Each firm must pay a fixed fee of $20 to enter the industry. Calculate the equilibrium number of firms. Also calculate equilibrium output, price, labour demand, capital demand and profits. No diagram is required.