A Question 5 Assume that the manufacturing of cellular phones is a perfectly competitive industry. The market for cellular phones is described by the following demand function Not yet answered Q! = - - 68 5487 pt - Marked out of 50.00 In addition, this industry consists of 77 identical manufacturers with the following variable cost function VC (q) = 1 q2+10 q The industry supply function is of the form Q' = axP+ b What is a and what is b What is the aggregate equilibrium quantity and what is the equilibrium price What is the production level of each firm in the market What are the variable profits of each firm In order for this industry to have zero entry in the long run what must the fixed costs be What is the value of consumer surplus What is the value of producer surplus Previous page Finish attempt ... MacBook Air esc 44 F2 30 F3 F5 F7 Fa F9 FIO