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QUESTION 1 Use the information in this question to answer questions 1-2. Assume there are 100 bubble tea shops in Champaign. In this perfectly competitive markeym the short-term marginal cost curve of each shop is MC = 2g + 15. When the market demand equation is Q = 250 10P, what is the short term equilibrium price of the market? : QUESTION 2 What is the short-term equilibrium quantity of the market? : QUESTION 3 Use this information for the questions 3-4 The average cost function of a firm in the perfectly competitive market is: AC(q)= 43 4q2 +10q What is the shutdown quantity for this firm. The shut down quantity is the quantity at which the firm stops producing and exits the market. |:| QUESTION 4 At what price does this firm stop producing? :l QUESTION 5 Use this information for the questions 5-7. Suppose in a competitive market, the average cost of a certain good is: ACU)=12+0.1y How much y is produced when the price of y is $25