The authors have mapped the physics of a system of random copolymers onto a time-dependent density functional-type field theory using techniques of functional integration. Time in the theory is merely a label for the location of a given monomer along the extent of a flexible chain. We derive heuristically within this approach a non-local constraint which prevents segments on chains in the system from straying too far from each other, and leads to self-assembly. The structure factor is then computed in a straightforward fashion. The long wave-length limit of the structure factor is used to obtain the elastic modulus of the network. It is shown that there is a surprising competition between the degree of micro-phase separation and the elastic moduli of the system.