= Question 4 Most weeks, the demand for roses can be approximated by Q 2400 50P, Where QP is the total quantity demanded (in dozens) at price p (per dozen). Currently, roses are supplied by 50 identical growers, each having total costs= C = 0.25(92) + 0.5(q) + 20, where q is the number of roses supplied by the grower. The $20 cost can be avoided on a daily basis. a) What is the short-run supply curve for each individual grower? Describe this curve both algebraically and graphically? b) Derive the short-run market supply schedule, which gives quantity supplied as a function of price. c) What is the equilibrium price for a dozen roses in the market? d) Assuming there is free entry in and exit from this market. Will there be entry into or exits from this market going into the long-run? Explain your answer. a