Pleasr answer the SECOND question and use the first as a reference

1- Assume that the market for flip-flop shoes is perfectly competitive.All firms have the same cost function: C = 48 + 3q².The market demand curve for flip-flops is Q^D= 600 - 10P.

The price of flip-flops is currently $36.Calculate how manyflip-flops each firm will produce, thetotal quantity tradedin the market, thenumber of firmsin the industry, and theprofitearned by each firm.

Enter these values in the space provided:.Use this formatq=___, Q=___, N=___, Profit = ______.

Calculate the equation for the industry supply curve and enter it here.

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1B THIS IS THE QUESTION

Assume that the market for flip-flop shoes is perfectly competitive.All firms have the same cost function: C = 48 + 3q².The market demand curve for flip-flops is Q^D= 600 - 10P

Do you expect to see firms enter or exit this industry in the long run? Why?Be sure to use the ideas ofeconomicprofit and opportunity cost in your explanation: why would you switch into/out of this industry?Briefly describe thekey feature of long-run equilibriumin a competitive market(Hint: the story continues until...).