Industry X has a market demand curve given by the equation P = 100 – Q/100, where P is the market price, and Q is industry-wide output.100 perfectly competitive firms currently operate in industry X. Each of these firms has a total cost function given by TC = 100 + 10q + q^2 , where q is the output of the individual firm, and thus MC = 10 + 2q. (b) What is the market output in the short run? What is the market price? How much do individual firms produce? Do firms earn economic profits? [Hint: you will first need to work out the industry supply curve.]
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