The next 5 questions refer to the following: A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results: QD = 65 290 - 1.80Px + 40Py-0.10M Qs = 62 080 +0.20Px + 35PR 130w where Px is the price of X, Py is the price of good Y, M is Income, w is wage rate and PR is the price of a resource R. The forecast for the next year is Py = $81; M = $70 000; w = $50; PR $150. Cost conditions of an individual business are estimated to be: 1- The price forecast for next year is P* = $ TC = 2.5Q + 2 520 MC = 5Q 2- The market equilibrium quantity is expected to be Q* = 3- The profit-maximizing output choice for the individual firm is q* = 4- The firm's profit (loss) is expected to be $ 5- If individual businesses are identical, the number of firms in this market is equal to

The next 5 questions refer to the following: A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results: QD=652901.80PX+40PY0.10MQS=62080+0.20PX+35PR130w where PX is the price of X,PY is the price of good Y,M is Income, W is wage rate and PR is the price of a resource R. The forecast for the next year is PY=$81;M=$70000;W=$50;PR=$150. Cost conditions of an individual business are estimated to be: TC=2.5Q2+2520MC=5Q 1- The price forecast for next year is P=$ 2. The market equilibrium quantity is expected to be Q= 3- The profit-maximizing output choice for the individual firm is q= 4- The firm's profit (loss) is expected to be $ 5. If individual businesses are identical, the number of firms in this market is equal to