Get High-quality written work Help from our Professionals can you solve this problemKites are homogeneous products manufactured by identical firms. Each firm’s short-run average total cost and marginal cost of production are given by: ATC = q + 100/q MC = 2q. a. In long-run equilibrium how many kites will each firm produce? Show your work. b. Suppose that the demand for kites is given by QD = 8000 – 50P. How many kites will be sold? How many firms are there in the kite industry? c. Now suppose that because of the COVID-19 pandemic people want to spend more time outdoors so the demand for kites goes up to QD = 9000 – 50P. In the short run when the number of firms in the industry is fixed what will the new P Q and q be in this market? How much profit will each kitemaker earn? d. In the long run what will the price of kites be? How many new firms will enter the kite-making industry? (Note: presume the demand is the same is in part c and doesnt fall if/when the pandemic ends) A local video rental monopolist faces the weekly demand function: QD = 500 – 50P. The marginal cost of a rental is $2 and the firm has $500 in weekly fixed costs.

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