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H.W Problems : For questions 1 to 14 use the information below. The Shiny Soccer Cards is made up of 50 identical rms, each having short-run total costs given by short-run total costs = 0.5q2 + 25:; + 5 And short-run marginal costs given by short-run marginal costs = q + 25 Where q is the output of Shiny Soccer Cards of each rm and Q is the output of Shiny Soccer Cards for the industry per day. Answer the following question: Graph If need to. 1. What is the short-run inverse supply curve for each digital cellpad utensil maker? A) P= (1+ 25 B)P=o.5q2+ 25q C) P=25 0) PO.5q2+ 25q+ 5 E) Some other answer or cannot be determined. 2. What is the short-run supply curve for the market as a whole? A) Q = ZOP 500 B) Q = SOP 1250 C) Q= P + 500D) Q = 500 E) Some other answer or cannot be determined. 3. Suppose the market demand is given by = 1200 20P (You might want to graph the supply and demand curves.) What is the equilibrium quantity in this market? A) 400 B) 300 C) 500 0) 700 E) Some other answer or cannot be determined. 4. What is the equilibrium price in this market? A) $57 B) $50 C) $35 D) $45 E) Some other answer or cannot be determined. 5. What is each rm's total short-run prots? A) $45 B) 3-14.50 C) $1430 D) $35 E) Some other answer or cannot be determined