Good day,

Please help with the following questions:

A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (q; = 20). The minimum average cost is $10 per unit. Total market demand is given by Q = 1,500 -50P. a. What is the industry's long-run supply schedule? b. What is the long-run equilibrium price (P* )? The total industry output (Q*): The output of each firm (q"): The number of firms: The profits of each firm? c. The short-run total cost function associated with each firm's long-run equilibrium output is given by C(9) = 0.59 - 10q + 200. Calculate the short-run average and marginal cost function. At what output level does short- run average cost reach a minimum? d. Calculate the short-run supply function for each firm and the industry short-run supply function. e. Suppose now that the market demand function shifts upward to Q = 2,000 -50P. Using this new demand curve, answer part (b) for the very short run when firms cannot change their outputs. f. In the short run, use the industry short-run supply function to recalculate the answers to (b). g. What is the new long-run equilibrium for the industry