A perfectly competitive market has a demand curve given by the equation Q = 2000 − 2p where Q is the market quantity demanded and P the price per unit. Each firm in the market has the total cost given by TC = 1000 + 100q + 10q' and the marginal cost MC = 100 + 20q  If the current market price is $400, 1. Calculate the market quantity  , profit  and quantity maximizing profit for each firm and  Graph your results. OK 2. Suppose that the market is in the long run.How much profit will each firm earn and what will be the market price and  What is the market quantity and price ?  3 How many firms operate in this market

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