The market demand for woozles is given by:
Qd = 2,400 - 20p
There is only one available technology, and it is employed by all producers actual and potential. It implies the following average cost function:
AC = 625q^-1 + 0.25q
Currently, 20 firms serve the market.
a. Find the individual firm's supply curve.
b. Find the industry supply curve.
c. Determine the short-run competitive price and output.
d. How much profit is the typical firm making?
e. Determine the long-run competitive market price and quantity and how many firms will operate