. Suppose you are given the following information about a particular industry 6500 100p Market demand C(y) = 722 + y^2/200 Each firm's cost function

1.1 Assume that there are 12 identical firms active in this industry and that no firm can enter the industry. Find the equilibrium price, the equilibrium quantity, the output supplied by each firm, and the profit of each firm.

1.2 Assume now that there are no barrier to entry, so that the market is characterized by perfect competition. New entrants are identical to incumbent firms. What is the long-run equilibrium price? The total industry output? The output of each firm? The number of firms? The profits of each firm?