1. Suppose there are 100 identical firms in a perfectly competitive orange market. Each firm has a short-run total cost curve of the form: STO(q) = - + 10q + 10 (a) Determine an expression for a typical firm's short-run supply curve as a function of market price (P). (b) Calculate the industry supply curve. (c) Suppose market demand is given by Q = -100P + 2000 What will be the short-run equilibrium price-quantity combination? (d) Suppose scientists find new health benefit associated with eating or- anges and the new market demand is given by Q= -100P + 3000 What is the new short- run price-quantity equilibrium? How much profit does each firm make