The price of capital serv

The price of capital services is fixed at r = 1. a. In a long-run competitive equilibrium, how much output will each firm produce?b. In a long-run competitive equilibrium, what will be the market price? Note that your answer will be expressed as a function of w.c. In a long-run competitive equilibrium, how much skilled labor will each firm demand? Again, your answer will be in terms of w.d. Suppose that the market demand curve is given by D(P ) = 10, 000/P . What is the market equilibrium quantity as a function of w?e. What is the long-run equilibrium number of firms as a function of w? f. Using your answers to parts (c) – (e), determine the overall demand for skilled labor inthis industry as a function of w. g. Suppose that the supply curve for skilled labor is S(w) = 50w. At what value of w doeslabor supply equal labor demand?h. Using your answer from (g), use parts (b), (d), and (e) to determine the long-run equilibrium price, market demand, and number of firms in this industry.