es Inc. ’s cost minimization problem oa huly 15". weavers per day for dee month of July (this isis pre- Comectly compicte the following Ratements: pee-exiting topos contract the firm plansto produce 70 fect of output » alt of fuly, ic will contract iobire “16 * _labour hours per day for the second halfof Joly, and its minimized daily sotal costConsider a profit-maximizing competitive firm X: At the beginning Tun on July 1", firm X has calculated the following monthly total cost ‘of output 7) for the next six months: = 100 forg=0 300 + 10g + @ — forg>0 40, X will supply ga O-© “units of output per month. © © * unis of ovspet per month. ZS “units of output per month. Za (S80 seIn 2010, competitive firm Alpha had a production plant with the eee forg= 0, S00+5y forg> 0. i 2010, the firm produced 40 units of output per month in order to /10.and 2014, the output price has remained unchanged, and there has At the beginning of 2014, firm Alpha has serapped its old plant, highly-automated plant where the monthly total cost function is: forg=0, forg> 0.P44 there are twenty identical fms inthe markt, and no new fim can eter the eb 14. On. 1.1.2014, cach of the twenty incumbent firms has no pre-existing input firm, the long-run momhly cost function for 2014 is: 6 forg=0 3704+ ¢° forall g>0 competitive equitibriam, determine the market price, the monthly output p, and the monthly profits of each incumbent firm. On observing positive profits made by the incumbents firms in interested in entering industry Z for 2015, But each of these slightly inferior production technology and thus a slightly “clevated™ forg=0 +g forall g> 0 :on 1-1.2015 without having to pay any “entry cost”. Note ‘it expects to make non-negative monthly profits in 2015.