Most weeks, the demand for long-stem roses can be approximated by Qd = 2400 - 50P, where Qp 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 = 0.25q +0.5q + 36, where q is the number of roses (again, in dozens) supplied by the grower. The GHS36 cost can be avoided on a daily basis. a. What is the short-run supply curve for each individual grower? Describe this curve both algebraically and graphically. 2 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? Sketch the market supply and market demand schedules. 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 exit from this market going into the long run? Explain your answer. Suppose the long-run average cost (LAC) is 3q - 0.5q. f. Determine the market equilibrium price and quantity in the long-run. g. How many individual growers of roses will there be in the long run?