Problem
A perfectly competitive industry consists of two types of firms: 100 firms of type A and 30 firms of type B. Each type A firm has a short-run supply curve sA(P) = 2P. Each type B firm has a short-run supply curve sB(P) = 10P. The market demand curve is D(P) = 5000 - 500P. What is the short-run equilibrium price in this market? At this price, how much does each type A firm produce, and how much does each type B firm produce?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.