)Table 9.1 shows the cost structure for a perfectly competitive firm of which there are a total of 100 in the industry

Table 9.1

Q	MC	ATC
60	30	43
70	35	41
80	40	40
90	45	41
100	50	43
110	55	46
120	60	50

and Table 9.2 shows the market demand and market supply schedules,

Table 9.2

Q	Qd	Qs
30	12000	6000
35	11000	7000
40	10000	8000
45	9000	9000
50	8000	10000
55	7000	11000
60	6000	12000

a) What is the equilibrium price? At this price what quantity will the firm produce?

b) Is the perfectly competitive firm earning an economic profit or loss in the short-run? How much?

c) In the long run, what is the economic profit of the competitive firm?

d) What will the equilibrium price and quantity traded in the long run?

e) What quantity will the firm produce in the long-run?

f) How many firms will exist in the long-run?

g) Is the representative perfectly competitive firm achieving efficiency?