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Consider a competitive market in which the market demand for the product is expressed as P = 65 -0

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Consider a competitive market in which the market demand for the product is expressed as P = 65 -0.0050. A typical firm in the market faces the total cost (TC) function given as, TC =6q2 – 3q +96 a. c. Suppose that in the short run, 1000 firms are operating in this market. Determine the equilibrium market price and market output. b. Determine the output of the typical firm, given your answer to part (a). If the market demand were to increase to P = 99 - 0.005Q, what would the new short-run price and quantity in the market be? What would the new short-run output of the typical firm be? d. If the original supply and demand represented a long-run equilibrium condition in the market, would the new equilibrium (c) represent a new long-run equilibrium for the typical firm? Explain.