Please refer to the background information below to answer the following three questions. A perfectly competitive constant cost industry is initially in a long-run equilibrium, with n identical firms (n can take non-integer values; all potential entrant firms are identical too). The figure below shows the market demand and short-run market supply curves (both are linear), where a=750, b=440, =230, d=500. Price / S per unit Short-run a Market Supply b Market Demand d Quantity / units 44. Suppose there is a permanent increase in market demand such that consumer's willingness to pay for each unit increases by $190. The price will be [ Answer44A | per unit and quantity traded in the market will be [ Answer44B | units when the market reaches a long-run equilibrium again. 45. After the permanent increase in market demand, 17 firms eventually enter the market so that a new long-run equilibrium is reached. The average cost curve of an individual firm is minimized at firm output quantity = [ Answer45 | units. 46. After the permanent increase in market demand, the total cost of production of an individual firm is $ Answer46 | when a new long-run equilibrium is reached. Please refer to the background information below to answer the following two questions. Consider a perfectly competitive increasing cost industry where all firms (including the potential entrants) are identical. A typical firm faces the following cost curves: Average Variable Cost: AV C = 5+ 29 dollars Marginal Cost: MC = 10g+ 29 dollars Fixed Cost: FC =122n dollars where is quantity of output (in units) produced by a typical firm, n is the number of firms. The fixed cost of each individual firm depends on the number of firms in the market - for example, the rent for the factory space is higher when there are more firms. Initially, the market is in a long-run equilibrium with 96 firms, where the market price is 512.98 dollars per unit and the market quantity is 4646.24 units. 47. Suppose after a permanent change in market demand, the industry reaches the long-run equilibrium again. There are now 48 firms in the industry. At the new long-run equilibrium, the market price is [ Answer47 | dollars per unit. 48. At the new long-run equilibrium, the market quantity is [ Answer48 | units