A competitive industry is made up of identical firms, each having the cost function c(q) = q^2 + 10q + 64. In the short run, the cost of 64 is fixed, and the number of firms in the market is also fixed. In the long run, all costs are variable (in particular, the cost of 64 can be avoided if a firm chooses q = 0), and firms are free to enter and exit the market.

a) In the short run a firm will not supply any output if the market price is less than?

b) Suppose the market price is P=20 Then each firm currently in the market will produce an output of? What is the total revenue and profits of the firms?

c) In the long-run firms will not supply any output if the market price is less than?

d) The market demand function is given by [Q=226-P]. In the long-run equilibrium, what is the market price and how many firms will operate in the market? How much output will each firm supply?