Answer the questions in the images and show work please 1) Assume the pizza market is a perfectly competitive constant cost industry, and all firms have identical costs(i.e., homogenous firms). The market demand and market supply functions for this perfectly competitiveindustry are given below.P = 30.5 – .005QP = 1.7 +.003Qq = TPTCTFCTVCАТСAVCMC1001001020510010520,5010,5010.502012.257.253302801001809.336.003.504403401008.506.005504301003308.606.609.00601004459.087.4277072010062010.298.8617.508093010083011.6310.3821.009901190100109013.2212.1126.00a) Fill in the missing values in the table.b) Find the market equilibrium price and quantity. Show work.c) Consider an individual firm in this industry. Should the firm produce in the short-run? Explain usingAVC or ATC data.d) Using marginal analysis, how does a firm find its optimal output?e) If a firm is unable to find an output where MR=MC, then it will produce where MR still exceeds MC,but the gap is as small as possible. It's also important to note that the firm will not produce on thedownward portion of its MC curve. Find the profit-maximizing output (or loss minimizing output) for anindividual firm in the short-run.f) Calculate the profits or losses for an individual firm in the short-run.g) How many firms are in the industry in the short-run?h) Show your solution graphically using one graph for the market and one graph for the representativefirm. Place the graphs next to one another. Use a straight edge. i) What will happen to the price of the product in the long-run? Explain how the industry will transitionfrom SR to LR. Comment on the following items: number of firms, supply, price, and profit.j) Find the LR price?k) How many units will an individual firm produce in the long-run?1) How many firms will exist in this industry in the long run? How many firms will enter or exit in thelong-run?m) Calculate the firm's profits or losses in the long run.n) Show how the market and representative firm transition from the short-run to the long-run (show this inthe same graph as part (h)).o) Using the graph in part (h), go back, and identify the firm's short-run supply curve. You may want to usea colored pen to identify the curve. Be precise.p) Your friend proposes that a firm would be better off if they maximized per-unit profit instead ofmaximizing total profit. Prove to your friend that short-run total profit is lower when per-unit profit ismaximized. Use the following definition for per-unit profit:(Р — АТС)

a) Total Cost = Total Fixed Cost + Total Variable Cost Marginal Cost MC = TCn-TCn-1Qn-Qn-1…

1) Assume the pizza market is a perfectly competitive constant cost industry, and all firms have identical costs (i.e., homogenous firms). The market demand and market supply functions for this perfectly competitive industry are given below. P = 30.5 – .005Q P = 1.7 +.003Q q = TP TFC TVC MC TC ATC AVC 100 100 100 1 10 205 105 20.50 10.50 10.50 20 12.25 7.25 3 30 280 100 180 9.33 6.00 3.50 4 40 340 100 8.50 6.00 50 430 100 330 8.60 6.60 9.00 6. 60 100 445 9.08 7.42 7 70 720 100 620 10.29 8.86 17.50 8 80 930 100 830 11.63 10.38 21.00 90 1190 100 1090 13.22 12.11 26.00 a) Fill in the missing values in the table.