PLEASE ANSWER THE QUESTIONS IN GREY:

i) industry's long-run supply schedule is given by?

ii) industry's long-run equilibrium output (Q*) is?

iii) the total number of firms in the industry is?

iv) at what necktie output level does short-run average cost reach a minimum?

v) The short-run supply curve for each firm is given by?

vi) the shirt-run supply curve for the industry is given by?

Question 7 3 pts A perfectly competitive painted necktie 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 30 units ( qi = 30). The minimum average cost is $16 per unit. Total market demand is given by Q = 2, 000 - 50P. The industry's long-run supply schedule is given by: [ Select ] The industry's long-run equilibrium output (Q*) is: [ Select ] The total number of firms in the industry is: [ Select ] The short-run total cost curve associated with each firm's long-run equilibrium output is given by STC = 0.5q - 10q + 450. where SMC = q - 10. At what necktie output level does short-run average cost reach a minimum? [ Select ] The short-run supply curve for each firm is given by (refer to the following table): [ Select ] (a) P = 20 (b) q = 2P (c) q = P + 10 (d) q = 2P - 10The short-run supply curve for the industry is given by (refer to the following table): [ Select ] (a) Q = 800 (b) Q = 40P + 400 (c) Q = 50P - 500 (d) Q = 30P + 200