Suppose that each firm in a competitive industry has the following costs: Total cost: TC=  50  +  0.5Q^2 The market demand curve for this product is: Qd=  120  − P There are 9 firms in the market. e)  What is the equilibrium price and quantity for this market in the short run? In this equilibrium, how much does each firm produce? Calculate each firm’s profit. f)  In the long run with free entry and exit, what is the equilibrium price and quantity in thid market. Is there incentive for firms to enter or exit? h)  In this long-run equilibrium, how much does each firm produce? How many firms are in the market?

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