Suppose that each identical firm in a competitive market has the following total cost function: TC = 722 + 2 200 that is the same in the short and the long run. Show all your calculations a. (3 points) What is the short-run supply curve for each firm (write q as a function of ) ? p. (2 points) Suppose the market demand is Qp=6500-100P and the market supply curve is Qs=1200P. Find the short-run equilibrium market quantity and price. . (2 points) How much output will each firm produce? How much profit will each irm make in the short run? I. (3 points) Is this a long run equilibrium? If yes, explain why, if not calculate the long un equilibrium and explain how it will be reached