Question 1 Not complete Marked out of 1.00 V Flag question Consider a constant-cost and competitive industry. The marginal cost for each existing or potential individual supplier is the same as given below. MClq) = 30 + 0.5q The market demand curve is given by P = 130 - 0.020 Suppose that the economy is at long-run equilibrium and there are 100 rms in this industry. The long-run equilibrium price is [Answer]. (In decimal numbers, with two decimal places, please) Answer: Question 2 Not complete Marked out of 1.00 V Flag question Continue from the previous question. The equilibrium quantity produced by each rm is [Answer]. (In decimal numbers, with two decimal places, please.) Answer: Question 3 Not complete Marked out of 1.00 V Flag question Continue from the previous question. Suppose that the demand increases permanently to P = 150 - 0.02Q The shortrun equilibrium price is [Answer]. (In decimal numbers, with two decimal places, please.) Answer: Question 4 Not complete Marked out of 1.00 V Flag question Continue from the previous question. The shortrun equilibrium aggregate quantity is [Answer ]. (In decimal numbers, with two decimal places, please) Answer: Question 5 Not complete Marked out of 1.00 Flag question The production of cable is standard. The following marginal cost function of a typical firm MC(q) is (in dollars and same for all firms). MC(q) = 0.2q where q is the output of an individual firm. The fixed cost of a typical firm firm is X (in dollars and same for all firms). The market demand curve is given by Q = 66000 - 1000P Initially, the market is in the long-run equilibrium, and there are 1000 identical firms in the market. The long-run market equilibrium price is $[ Answer ]. (In decimal numbers, with two decimal places, please.) Answer: Check Question 6 Not complete Marked out of 1.00 Flag question Continue from the previous question. The long-run market equilibrium quantity is [ Answer ] units. (In decimal numbers, with two decimal places, please.) Answer: Check Question 7 Not complete Marked out of 1.00 Flag question Continue from the previous question. The total cost of production of a representative firm is $[ Answer ]. (In decimal numbers, with two decimal places, please.) Answer: Check