4- All firms in a competitive market have the following total cost function

TC = 0.5Q 2 + 4Q + 120

The market demand and supply functions are given by

Q md = 1700 -20P Q ms = -100+10P

where Q md and Q ms are in 100 units.

a) What is a typical firm's profit maximizing level of output?

b) What is the firm's profit?

c) How many firms operate in this market?

5- Assume no change in the cost structure of the firms and in demand in the previous problem.

a) Determine the long-run price established in this market.

b) What is a typical firm's output in the long run?

c) In the long run how many firms operate in this market?

d) What is the long run equation of the supply function?