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Cost for each firm in a perfectly competitive market is given by the function c(q)=10q-12q^2+4q^3 and the market demand for the good is Q = 24 - 3p.
a) What is the short-run supply curve of each firm? Justify your answer.
b) Assuming the market price is currently p = 10 and q > 0, what is the per-firm profit for each individual firm currently in the market?
c) Suppose there are currently six firms in the industry. How many new firms will enter or exit the industry in the long-run? Discuss the long-run adjustments in the industry assuming any new firms all have the same production costs.
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