Consider a constant-cost and competitive industry. The marginal cost for each existing or potential individual supplier

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Consider a constant-cost and competitive industry. The marginal
cost for each existing or potential individual supplier is the
same as given below.
MC(q) = 40 + 0.5q
The market demand curve is given by
P = 180 − 0.02Q
(a)Suppose that the economy is at long-run equilibrium and there
are 100 firms in this industry. The long-run equilibrium price
is [ Answer ].
(b)Continue from the previous question. The equilibrium
quantity produced by each firm is [ Answer
].
(c)Continue from the previous question. Suppose that the demand
increases permanently to P = 200 − 0.02Q.
The short-run equilibrium price is [ Answer
].
(d)Continue from the previous question. The short-run
equilibrium aggregate quantity is [ Answer
].
(e)A competitive market has an unlimited number of potential
suppliers for the same product. Each supplier has the same average
cost function of AC = q2 – 10q + 40 and marginal
cost function of MC = 3q2 – 20q + 40. The long-run
equilibrium price is $[ Answer ].