Perfect Competition Practice Question | Short Run to Long Run | Number of Firms in Industry

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Hi Everyone, in this video I go through a practice question on Perfect Competition. It's a pretty long question.
Apologies, my diagrams are not to scale!
0:00 Introduction, reading question and advice
1:23 Part (a) Will the firm shut down in the short run?
2:38 Part (a) finding the Market Price and Market Quantity
8:18 Part (b) Profit in the Short Run
9:44 Part (c) How many firms in the industry?
10:30 Part (d) Firm output in the Long Run
12:47 Part (e) Long Run Price
13:49 Diagrammatic review of question so far
16:50 Part (f) the number of firms in the Long Run
Here's some other videos that might help if you are stuck with the theory for this question:
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Long Run Equilibrium in Perfect Competition: • Long Run Equilibrium i...
Profit Maximisation in Perfect Competition: • Profit Maximisation in...
The Short Run Shut Down versus the Long Run Exit / Entry Decision Rules: • The Short-Run Shut-Dow...
Finding Firm Cost Functions: • Finding Firm Cost Func...
Finding Minimum Average Total Costs: • Finding Minimum Averag...
Basic Calculus Rules: • Basic Calculus Rules (...
Why the MC curve intersects the ATC curve at its minimum: • Why the Marginal Cost ...

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