Question: The oil drilling industry consists of 60 producers, all of whom have an identical short-run total cost curve, \(\mathrm{STC}(\mathrm{Q})=64+2 Q^{2}\), where \(\mathrm{Q}\) is the monthly output of a firm and $64 is the monthly fixed cost. The corresponding short-run marginal cost curve is \(\mathrm{SMC}(\mathrm{Q})=4 \mathrm{Q}\). Assume that $32 of the firm's monthly $64 fixed cost can be avoided if the firm produces zero output in a month. The market demand curve for oil drilling services is \(\mathrm{D}(\mathrm{P})=400-5 \mathrm{P}\), where \(\mathrm{D}(\mathrm{P})\) is monthly demand at price \(\mathrm{P}\). Find the market supply curve in this market, and determine the short-run equilibrium price.

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