estion 1 (7 points) Saved In a perfectly competitive market, there are two types of firms: Type A and Type B. There are 160 Type A firms, each with a supply function A=2*P , where q is the quantity produced. Additionally, there are 120 Type B firms, each with a supply functionq B S= 10* P. The market is characterized by the demand function Q = 2400 - 20P, where Q is the quantity demanded and P is the market price. Determine the market equilibrium price. $1.52 $1 $2.52 O $2 Page 1 of 9 Previous Page Next PagePrevious Page Next Page Page 2 of 9 Question 2 (7 points) In a perfectly competitive market, a firm's cost function is Clq)= q^2 , where q is the quantity produced. The firm supplies a positive quantity if the market price Pis more than$30 , and supplies nothing if P _ $30. When active, each firm's equilibrium quantity is 30 units. The total market demand is given by Q = 2400 20P, where Q is the quantity demanded. Calculate the number of firms in the market in the short term. 20 firms 40 firms 30 firms 10 firms Page 2 of 9 Previous Page Next Page