Problem
Sixty identical firms in a perfectly competitive market face the following cost function:
TC = 10 + 18 q + 3q2;
Furthermore, the market demand curve is:
Qd = 240 - 2P;
Find the short-run supply curve of the firm and the market. What is the price, quantity, profit/loss for each firm? Is this industry in long-run equilibrium? If not, what will be the price in the long-run and how many firms will be in the industry?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.