ECON 7110 consumer and firm behaviour

Question 1 Suppose there are two firms in the market of good X. The cost function of firm 1 is Ci(q) = 2q2 + 100, whereas the cost function of firm 2 is C2(q) = 3q2 + 40. Suppose the firms operate in a perfectly competitive market and face a perfectly elastic demand at P = 24. Find the equilibrium quantity produced in this market. (Hint: Obtain the inverse supply curve and add horizontally.)Question 3 Suppose there are N identical firms that have the a cost function equal to C(q) = 4q2. Suppose the firms operate in a perfectly competitive market, and face a perfectly elastic demand equal to P = 4. How many firms N should operate in the market, such that, the equilibrium quantity is equal to Q* = 5