Consider that there are 25 identical firms currently in this perfectly competitive market.The current market demand is

The table shows the cost data for one of several identical firms in a constant cost perfectly competitive industry for product X. Fill in the table given the fixed cost is $50. Quantity of Total x O 1 2 3 4 5 6 7 8 9 Variable Cost 70 120 155 193 242 302 370 571 Total Fixed Cost 50 50 50 50 50 50 50 50 50 50 Total Cost 50 120 170 205 243 292 352 420 512 621 Ave e Fixed Cost 50 25 16.67 12.50 10 8.33 7.14 6.25 5.56 Ave g e Variable Cost 70 60 51.67 48.25 48.40 50.33 52.86 57.75 63.44 Ave e Total Cost 120 85 68.33 60.75 58.40 58.67 60 69 Marginal Cost 70 50 35 38 49 60 68 92 109 (a),(b), and (c) are questions what I'm asking. 1. Consider that there are 25 identical firms currently in this perfectly competitive market. The current market demand is: Quantity Demanded 220 205 190 175 160 145 P rice 45 55 65 75 85 95 (a) Given the market demand above and industry supply for 25 firms that you have create, determine the short run price, quantity, revenue and profit for the typical firm. (b) In the long run, explain how the number of firms will change and what will be the long run equilibrium price and output level (Q) in the market? (c) Suppose all 25 firms were taken over and the market was monopolized by one owner. Explain how your answer to (a) above would now change.