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PART 2 OPTION 3:(COMPETITION WITH FIRM HETEROGENEITY) Consider an industry where there are 2 low cost firms with a total cost function of C(q)=2q+16q-+256 and a potentially infinite number of high cost firms with a total cost function of C(q)-2q+16q-+400 Assume that these firms compete competitively. i) Derive the output where average total cost is minimized. This is the exit price of each firm type. What are the values of A-G in the diagram below? MC ATCH S ATCL B D E F G iii) Suppose that the industry demand is given by Q(P)=172-P. What is the equilibrium price, industry quantity, and quantity of each firm type? iv) How many low-cost firms and how many high cost firms operate in equilibrium? V) Calculate profits for the typical low-cost firm and the typical high cost firm in this equilibrium. What would happen to industry profits if market demand were to shift to the left in this model? Specifically state whether they would increase, decrease or if the answer is ambiguous and explain