• Most weeks, the demand for long-stem roses can be approximated by QD = 2400 - 50p, where QD is the total quantity demanded (in dozens) at price p (per dozen). Currently, roses are supplied by 100 identical growers, each having total costs C=0.25q2+0.5q+36, where q is the number of roses (again, in dozens) supplied by the grower. The $36 cost can be avoided on a daily basis. (a) What is the short-run supply curve for each individual grower? Describe this curve algebraically. (b) Derive the short-run market supply schedule, which gives quantity supplied as a function of price. (c) What is the equilibrium price for a dozen roses in this market? (d) How many dozens of roses will be supplied by each grower? (e) Assuming there is free entry into and exit from this market. Will there be entry or exits from this market going into the long-run? Explain your answer. Suppose the long-run average cost (LAC) is 3q-0.5q2. (f) Determine the market equilibrium price and quantity in the long-run.