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1. (Partial equilibrium under perfect competition, 38p) Suppose in a competitive industry all firms have the cost function c(y) = 250 + 10y, which applies both to short run and long run costs. (a) What are the fixed costs and variable costs of each firm? [2] (b) Find the (short run) supply function of each individual firm. [6] (c) Suppose the market demand function is X(p) = 2000 - 5p and that there a total of 400 firms. What is the short run equilibrium price? What are the corrsponding quantities (firm supply and industry supply/demand). What are corresponding profits? Will the firms even produce in the short run? 8 (d) Find the long run equilibrium quantity and price. How many firms will be active in the industry? [6] (e) For which quantity are the average costs minimised? Compare your finding with the answer to the previous subquestion and discuss. 8 (f) Now suppose the consumer tastes change (while the production technology remains unchanged) so that the market demand is now X(p) = 1990 - 5p. What is the new long-run equilibrium price? Will there be more or fewer firms? Discuss your findings. 8]