Suppose there are 500 identicsl competitivd firms producing widgets and assume the total cost curve for each firm is given as, TC= 5q2+wq+10 and marginal cost is given as  MC=10q + w where w is the widget maker's wage and q is the firm's output.  If w=$50 what is the equation of the firms short run supply curve?   1) what is the average firm's profit (losses) at the new price of $61?  2) is the average firm in the short-run or long run? given it's profit(losses) should the firm continue to operate?  3) what would you predict, based on the perfectly competitive model of markets, will happen in this industry in the long run

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