curves. The market demand curve for the mineral is D(P)=2340-20P. Currently, there are 24 firms in the market. a) What is the short-run equilibrium price of the mineral? What is the short-run equilibrium quantity of the mineral? 2 The short-run total cost curve is SAC(q)q=2g+648. Thus the short-run marginal cost curve is SMC(q)=4q. To maximize profit, each firm should produce at P=SMC, thus P=49. Each firm's supply curve is q=P/4. Since there are 24 firms in the market, the market supply curve is S(P)=6P. Equating the supply curve to the demand curve, we have 6P=2340-20P, thus P=90. The equilibrium quantity is (=6*90=540