ROUND ALL YOUR ANSWERS TO ONE DECIMAL PLACE. The total cost curve of each firm in a perfectly competitive industry is given to be:

ROUND ALL YOUR ANSWERS TO ONE DECIMAL PLACE.

The total cost curve of each firm in a perfectly competitive industry is given to be: 

TC = 100 + q2

where q represents the quantity sold by a single firm. The MC = 2q. 

Suppose that currently firms in this industry share a market demand given by QD = 3,000 – 7PD

where P represents price unit and Q represents the total number of units sold in the entire industry. 

In longrun equilibrium:

a)  What is the profit maximizing level of output (q) each firm produces?

 q = ?

b)  What is market price?

 P = $?

c)  What is the market quantity (Q)?

 Q = ?

d)  How many firms will operate in this market?

 F = ?