The market demand is given as:

Qd = 1000 - 20P

The producers are characterized by:

Q = [L0.5+ K0.5]2

The cost of labor is $1 per hour and the cost of capital is $1 per unit.

Based on this information choose the correct answer from the dropdown menu for each of the following statements.

I. The cost elasticity of output is?[ Select ]["<1", "1", ">1"]

II. The number of firms operating in the long run is.[ Select ]["Cannotbe determined.", "275", "1150", "450"]

III. The long run shutdown price is