Assume that the manufacturing of cellular phones is a perfectly competitive industry. The market for cellular phones is described by the following demand function Qd = -14/3p + 1340/3

In addition, this industry consists of 59 identical manufacturers with the following variable cost function VC(q) = 4q^2 + 10q

The industry supply function is of the form Qs = a x P + b

What is a ?

what is b?

What is the aggregate equilibrium quantity?

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?