Question: Please answer the question 8, 9, and 10, thank you!! Problem 1. Suppose that, in a large city, 200 identical street vendors compete in a

Please answer the question 8, 9, and 10, thank you!!

Please answer the question 8, 9, and 10, thank you!! Problem 1.

Problem 1. Suppose that, in a large city, 200 identical street vendors compete in a competitive market. for hot dogs. 1. Each vendor's total costs to produce q hot dogs is, C(q) = 19 + q'. What is the marginal cost function of each firm? 2. Using your answer from part. 1, what is the supply curve for one individual firm? 3. Given your answer from above, how many hot dogs will cach vendor produce if offered a price of $4 per hot dog? 4. What is the aggregate supply curve for the market? 5. Let demand for hot dogs be Q - 2500-100P, what is the short run equilibrium price? 6. What is the total quantity of hot dogs sold in equilibrium? 7. In the long run, would you expect this industry to experience entry or exit? Explain your answer. 8. The total cost of one vendor is: 2+ q+ =q'. What is the long run equilibrium price? 9. What is the long run equilibrium price? 10. In the long run equilibrium, how many firms are active in the market

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