Question: Would you please help me with Question #2 ? 2. The handmade snuffbox industry is composed of 100 identical firms each having short-run total costs

Would you please help me with Question #2 ?

Would you please help me with Question #2 ? 2. The handmade

2. The handmade snuffbox industry is composed of 100 identical firms each having short-run total costs given by STC = 0.592 +10q +5, where q is the output per day. (a) What is the short-run supply curve for each firm? What is the short-run supply curve for the market? (b) Suppose the demand is given by Q =1100-50P. What will be the equilibrium (both quantity and price) in this marketplace? ( yd nevis al jethem brosse ardini brain (c) What will each firm's short-run profits be? And nsewfed noifsisgga ard 3. Suppose that the market demand for a product is given by Q = A- BP ( A > 0 and B > 0). Suppose also that in a competitive industry the typical firm's cost function is given by C(q) = k + aq + bq (k> 0, a > 0 and b > 0). (a) Calculate the long-run equilibrium market price and the output for the typical firm. gonom 191A () (b) Calculate the equilibrium number of firms in the market. (c) Describe how changes in the demand parameters A and B affect the equilibrium number of firms in this market. Explain your results intuitively

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