In the short run, a market consists of 100 identical firms. The total cost to each firm of producing various levels of output is given in the table below. (10 points total)

Q TC

0 1

1 7

2 14

3 22

4 31

5 41

a) If the market price is $8, what will be the quantity supplied in the market?

b) If the market price is $10, what will be the profit maximizing level of output for each firm?

c) If average total cost of each firm is $9 per unit and average variable cost is $8 when price per unit is $10, Is this price a long run equilibrium price?Why or why not?