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Suppose the market of carpets is competitive. The demand for and the supply of carpets have been estimated as follows:
Demand: Qd=5000 - 15P
Supply: Qs=1000 + 25P
A typical firm producing carpets has a total cost function of C = 125 + 5q^(2)
a. Find the profit maximising output level and profit level of a typical firm. Show your steps clearly.
b. Use side by side diagrams to illustrate the equilibrium market price, equilibrium quantity in the market, as well as the profit maximising output level and profit level and profit level of a typical firm.
c. Referring to your answer to (b) , what will happen over time to the market and to a typical firm in the long run? Explain briefly in words.
d. Referring to your answer to (b), suppose the government imposes a lump sum profit tax of $100 on each firm in the carpet market. Explain the effect of the tax on the market and on a typical firm.
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