() 4) Quantity (3) Quantity (n Supplied, Profit (+) Supplied Price Single Firm or Loss () 1500 Firms $26 S % 32 S e - 38 et 4| PE 46 e e e 56 A 66 e. Now assume that there are 1,500 identical firms in this competitive industry; that is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4). f. Suppose the market demand data for the product are as follows: table in textbook Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 4] 12,000 46 10,500 56 9500 66 8000 What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run