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Suppose the bolt-making industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curve TCSR = 16 + Q2, where Q is the annual output of a single firm. The corresponding short-run marginal cost curve is MC(Q) = 2Q. The market demand curve for bolts is D(P) = 110?P, where P is the market price. Assume the bolt-making industry is perfectly competitive.
a. Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?
b. What is the short-run market supply curve?
c. Determine the short-run equilibrium price and quantity in this industry.
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