Question: How do i solve this problem Problem 5: The local market for widgets has 1,000 identical producers. Each producer has the following short-run cost function:

How do i solve this problem

Problem 5: The local market for widgets has 1,000 identical producers. Each producer has the following short-run cost function: mci = 0.05qi + 20 (i = 1,000) You can derive the market supply as: In addition, the market demand for widgets in this market is given by: Q =275,000 - 2,500P. Calculate the equation for the market supply curve. What are the market equilibrium price and quantity? How much will each firm produce? On two graphs side-by-side, graph the market-level and firm-level equilibrium price and quantities

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