3) Assume 20 firms in a short run perfect competition environment each with the following Cost Function: C(Q) = 4000 + 200 And AD = 1000 - 10P Find the following Fixed Costs (FC) Variable Costs (VC) Average Fixed Costs (AFC) Average Variable Costs (AVC) Average Total Costs (ATC) Shape of Average Total Costs Part of cost function that causes the Spreading Effect Part of cost function that causes the Diminishing Effect Marginal Costs (MC) Shutdown Point (SD) Short run Perfect Competition Individual Supply of 1 Firm (SRPC1) Short run Perfect Competition Individual Supply of 20 Firms (SRPC20) Short run Perfect Competition Equilibrium Price (SRPCEP) Short run Perfect Competition Equilibrium Quantity (SRPCqQ) Short run Perfect Competition Equilibrium Consumer Surplus (SRPCEqCS) Short run Perfect Competition Equilibrium Elasticity of Demand (SRPCEqEd) Short run Perfect Competition Equilibrium Elasticity of Supply (SRPCEqEs) Minimimium Efficient Size (MES) Break even Point (BE) Long run Perfect Competition Supply (LRPCS) Long run Perfect Competition Equilibrium Price (LRPCEqP) Long run Perfect Competition Equilibrium Quantity (LRPCEqQ) Long run Perfect Competition Equilibrium Consumer Surplus (LRPCEqCS) Long run Perfect Competition Equilibrium Profits per firm (LRPCE Profits) Long run Perfect Competition Equilibrium Elasticity of Demand (LRPCEqEd) Long run Perfect Competition Equilibrium # firms 3) Assume 20 firms in a short run perfect competition environment each with the following Cost Function: C(Q) = 4000 + 200 And AD = 1000 - 10P Find the following Fixed Costs (FC) Variable Costs (VC) Average Fixed Costs (AFC) Average Variable Costs (AVC) Average Total Costs (ATC) Shape of Average Total Costs Part of cost function that causes the Spreading Effect Part of cost function that causes the Diminishing Effect Marginal Costs (MC) Shutdown Point (SD) Short run Perfect Competition Individual Supply of 1 Firm (SRPC1) Short run Perfect Competition Individual Supply of 20 Firms (SRPC20) Short run Perfect Competition Equilibrium Price (SRPCEP) Short run Perfect Competition Equilibrium Quantity (SRPCqQ) Short run Perfect Competition Equilibrium Consumer Surplus (SRPCEqCS) Short run Perfect Competition Equilibrium Elasticity of Demand (SRPCEqEd) Short run Perfect Competition Equilibrium Elasticity of Supply (SRPCEqEs) Minimimium Efficient Size (MES) Break even Point (BE) Long run Perfect Competition Supply (LRPCS) Long run Perfect Competition Equilibrium Price (LRPCEqP) Long run Perfect Competition Equilibrium Quantity (LRPCEqQ) Long run Perfect Competition Equilibrium Consumer Surplus (LRPCEqCS) Long run Perfect Competition Equilibrium Profits per firm (LRPCE Profits) Long run Perfect Competition Equilibrium Elasticity of Demand (LRPCEqEd) Long run Perfect Competition Equilibrium # firms