Find equilibrium P & Q in the perfectly competitive market. Demand is represented by the equation: P = 720 - 050. The perfectly competitive firms aire assumed to be identical. The quantity supplied by each individual firm is represented by the firm's MC curve. In order to graph market supply and market demand, however, we need to focus on market quantity, rather than individual firm quantity. The market quantity is equal to Q= X; where q is the individual firm's quantity. Solve for the short-run equilibrium market P & 0 using algebra. Generate new columns in Excel to represent demand and supply. This will require some strategic thinking. You will want to generate a graph with market quantity on the horizontal axis. That means that you will need to generate a column of numbers to represent possible values of market quantity- Let column ! represent market quantity, @ = 100g . Store values for demand in column K. Store values of supply in column L. The numbers in column L will be equal to the numbers representing MC in column I. You can simply copy these numbers into column L. Alternately, you could enter the formula for MC, recognizing that the firm-level quantity is equal to the market quantity stored in column J divided by 100. 8 Graph demand and supply. Verify that the computed equilibrium P & 0 are consistent with the graph