Assume the market is perfectly competitive. The industry demand is Q_D = 1825 25P, where Q_D is the quantity demanded. The total cost of a typical firm is TC = 1800 + Q_s + 0.5Q_s², where Qs is the quantity supplied by a typical firm. Initially there are 25 firms in the market.

1. Create a spreadsheet in Excel with the market price, number of firms, market supply, market demand, the shortage or surplus, and industry profit. Also include a representative firms quantity, total cost, marginal cost, average cost, markup, and profit. Use Excels Solver to find the short-run equilibrium price and quantity per firm.