The typical firm in a competitive market has total variable cost of

CV = 4Q2 and non-sunk fixed costs of 50 and sunk fixed costs of 30.

1. At Price = $160, what quantity will the firm produce?
2. What will be the amount of economic profit or loss for this firm?
3. If total quantity demanded at price P= $160 = 2000, how many firms are there in the market currently?
4. At what price and quantity would the economic profit earned by the typical firm equal zero?
5. If the market demand function has constant elasticity of demand equal to minus 2, what will be market equilibrium price at which there number of firms in the market is constant.