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Suppose that the corn industry in Dane county is perfectly competitive industry such that the market demand curve for the corn industry is given by: E P - 100 - (1/10)Q ? Where the Q is the market quantity and P is the market price. Ask Questions Suppose that all the corn producing firms in Dane county are identical and that James runs a typical corn producing firm. James knows the following information about his firm: Related Total cost function for James's firm is: TC = 100 + 5q + q2 Documents Marginal cost function for James's firm is: MC = 5 + 2q Where q is the level of output produced by James's firm. Add to Library a. What is the average total cost for James's firm? Answer: ATC = [ Select ] FJ Report b. If in the short run, the market price is $45, then what is the profit . . . of James's firm? More Answer: [ Select ] c. In the long run, how many units of corn will James's firm produce and what price will each corn unit sell for in the market? Answer: Number of units produced = [ Select ] Answer: Price of each corn unit = [ Select ] d. How many firms are in the corn industry in the long run? Answer: There are [ Select ] firms in the industry Ochoa, _I'm W