7) A perfectly competitive industry has 1,000 firms. In the very shortrun, each firm has a fixed supply of 100 units. The market demand curve is (20 points): Q-160,000 - 10,000P a. Calculate the equilibrium price in the very shortrun. b. What is the demand equation facing each firm in this industry? c. Calculate the elasticity of each firm's demand curve at the equilibrium price and quantity. d. What is the shortrun elasticity of supply for this commodity?