Problem 3 (short-run equilibrium) There are 200 identical rms that produce chocolate in the short run. The market demand for chocolate is given by D(P) = 200 2P. The short-run total costs are given by: STC (Q) = 50 + 200Q2. All the fixed costs are sunk costs. a. Find the short-run supply curve of chocolate (by the individual rm), and the market supply curve! b. Find the chocolate market equilibrium (price, individual firm's supplied quantity, and total quantity) in the short-run! Problem 4 (long-run equilibrium) We are given that the total costs of producing Q quantity in the long-run, for the individual rm, are: TC (Q) = 370 2Q2 + 0.04Q3. The market demand is given by: D(P) = 27000 800P. Find the long-run equilibrium (price, quantity produced by the individual firm, total quantity sold in the market, and the number of identical firms)