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Suppose you are given the following information about a particular industry: Q = 11700 - 100P Market demand QS = 1200P Market supply 92 C(q)

Suppose you are given the following information about a particular industry: Q = 11700 - 100P Market demand QS = 1200P Market supply 92 C(q) = 550+ Firm total cost function 400 2q MC(q) = 400 Firm marginal cost function. Assume that all firms are identical and that the market is characterized by perfect competition. Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm. The equilibrium price is $ 9 . (Enter your response rounded to two decimal places.) The equilibrium market quantity is units. (Enter your response rounded to two decimal places.)

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