Problem
The semiconductor market consists of 100 identical firms, each with a short-run marginal cost curve SMC(Q) = 4Q. The equilibrium price in the market is $200. Assuming that all of the firm's fixed costs are sunk, what is the producer surplus of an individual firm and what is the overall producer surplus for the market?
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.