There are two firms, A and B, on a competitive market. Firm A’s total cost is given by: 𝑇𝐶 𝐴 &#1

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There are two firms, A and B, on a competitive market. Firm A’s
total cost is given by: 𝑇𝐶 𝐴 𝑄 = 1 + 0.5𝑄 2 and firm B’s total cost
is given by: 𝑇𝐶 𝐵 𝑄 = 0.5𝑄 2 + 6𝑄 The market demand curve is 𝑄𝑑 = 6
− 𝑝. We denote by 𝑄𝑠 the market supply (i.e., the sum of firm A’s
supply and firm B’s supply). Find the shutdown prices of the two
firms, respectively. What is the slope of the market supply curve
(i.e. 𝑑𝑄𝑠/𝑑𝑝) when 𝑝=3? What is the slope of market supply curve
when 𝑝=7? Find the market equilibrium price 𝑝∗ and quantity 𝑄∗.
Calculate the economic profit of firm A and firm B, respectively,
at the market equilibrium.