A competitive market consists of 54 firms with an identical cost function given by: TC = 16 + X2 and the market price is PX = 8.
a) Calculate and graph the representative firm's MC, MR, AFC, AVC, and ATC curves and show the equilibrium quantity for the representative firm on the same graph.
b) Find the equilibrium quantity mathematically and find the equilibrium values of MC, MR, AFC, AVC, and ATC. Also find the equilibrium quantity for the market, as well as, the TR and TC for the market.
c) Calculate the representative firm's total economic profit at the equilibrium.