Suppose that a competitive market has 50 firms that each have a cost function equal to
TC = 100 + 20Q + Q^2.
a. Consider a single firm in this competitive market. If the firm faces a market price of $30, what price will they charge and what quantity will
the firm produce in the short run?
b. How much quantity will be produce in the overall market? Also, derive an expression for the market supply curve.
c. If the firm faces a market price of $12, what quantity will the firm produce in the short run?