In graph A below shows the market demand and supply in a competitive market, and graph B shows the cost curves of a representative firm in that industry.     ​​​​​​​ a. What are the market equilibrium price and quantity?     Equilibrium price: $     Quantity traded: b. At equilibrium, what quantity is the firm producing? What is its total profit or loss? Leave no cells blank - be certain to enter "0" wherever required.     Quantity:

I DO NOT NEED THE CHART I ONLY NEED THE QUESTIONS Quantity of Output Total Cost  Marginal Cost Average Total Cost  0 $100     1 $120     2 $135     3 $145     4 $160     5 $180     6 $205     7 $240     8 $285     9 $350     10 $440 Approximately where do you think the price will end up in this market over the long run? Explain your answer.  Last, instead of assuming a given price, how would you go about finding the equilibrium price if you were given information on market demand?  Assume that this market is made up of 10 identical sellers with costs as above, and that market demand can be given as below. It may be useful to construct a column for market supply knowing the cost information per seller and that there are ten identical sellers in the market.

How do price controls affect the workings of a perfectly competitive market? Use a supply demand diagram as part of your answer.

Suppose production is reduced by 60 percent for each of the suppliers in this industry. Draw a new market curve and answer the following questions based on your new supply curve and the original demand curve. In Table 3.1, the equilibrium market quantity would be Table 3,3 Individual Demand and Supply Schedules. Quantity Demanded By: Price 4.00 Ali Kelly Jessie Market 4 1 3.00 8 2.00 12 1.00 16 3.00 10 2.00 5 1.00 0 17 units Quantity Supplied by: Price Andy Maria Jose Market 4.00 15 15 11 9 7 5 12 units 25 units 9746 10 units 2 1234 11 7 3