In a certain perfectly competitive market, variables costs of the typical firm are described by VC = 5q^2, where q is the number of units produced by the firm. the fixed cost to start production is $200,000.

1) The market price is $3000. Calculate revenue, cost and profit for firm.

2) What will be the market price in the long run? Calculate profit, revenue, and costs for a firm in the long run.

3) Market demand is estimated to be Q = 10,000 -2P. How many firms serve the market in the long run?

4) Use #3 to find the equation of market supply. Calculate market equilibrium price and quantity?