2. Consider a perfectly competitive market with demand Q = 32 P and n = 4 identical rms with shortrun total cost: 2 40 +
2. Consider a perfectly competitive market with demand Q = 32 P and n = 4 identical rms with shortrun total cost: 2 40 + 2 > 0 STC{Q):{22 Q 3:0 (23.) Determine the shutdown price. SDP: (2b) Determine the supply curve for an individual rm. (2e) Determine the market equilibrium price and quantity. P: (2d) Determine the individual rm prots and the market consumer surplus at the equilibrium
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