Chapter 9, Problem 9.6P

a)

To determine

the industry’s long-run supply schedule.

b)

To determine

To Calculate: the following:

1. Long-run equilibrium price $\left(P^{*}\right)$
2. The total industry output $\left(Q^{*}\right)$
3. The output of each firm $\left(q_i{}^{*}\right)$
4. The number of firms
5. The Profits of each firm

c)

To determine

the short-run average and marginal cost curves and also the calculate the output level in short-run average cost reach a minimum.

d)

To determine

To Calculate: the short-run supply curve for each firm and also the industry short-run supply curve.

e)

To determine

To Calculate: the answer part (b) for the very short-run, when firm’s cannot change their outputs using given demand curve.

f)

To determine

To Calculate: the answers to part (b) using the short-run supply curve in the short-run.

g)

To determine

To Calculate: the new long-run equilibrium for the industry.