Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+ q2 Marginal Cost: MC = q where q is an individual firm's quantity produced. The market demand curve for this product is: Demand QD = 120 - P where P is the price and Q is the total quantity of the good. Each firm's fixed cost is ($ What is each firm's variable cost? 50 + 29 Which of the following represents the equation for each firm's average total cost? 50 + 29 1 50 + -9 Complete the following table by computing the marginal cost and average total cost for q from 5 to 15. Marginal Cost Average Total Cost (Units (Dollars) (Dollars) 5 6 7 8 9 10 11 12 13 14 15 The average total cost is at its minimum when the quantity each firm produces (q) equals Which of the following represents the equation for each firm's supply curve in the short run? O 120 - 392 O q 0 1 92 50 - q In the long run, the firm will remain in the market and produce if_ Currently, there are 9 firms in the market. In the short run, in which the number of firms is fixed, the equilibrium price is ($ and the total quantity produced in the market is units. Each firm produces units. (Hint: Total supply in the market equals the number of firms times the quantity supplied by each firm. ) In this equilibrium, each firm makes a profit of s . (Note: Enter a negative number if the firm is incurring a loss.) Firms have an incentive to the market. In the long run, with free entry and exit, the equilibrium price is ( s , and the total quantity produced in the market is units. There are firms in the market, with each firm producing units