3) Question 12.4: A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (q=20). The minimum average cost is $10 per unit. Total market demand is given by Q=1500-50P. a. What is the industry's long-run supply schedule? b. What is the long-run equilibrium price P*? The total industry output Q*? The output of each firm q*? The number of firms? The profits of each firm? c. The short-run total cost function associated with each firm's long-run equilibrium output is given by C(q)=0.5q*-10q+200. Calculate the short-run average and marginal cost function. At what output level does short-run average cost reach a minimum? d. Calculate the short-run supply function for each firm and the industry short-run supply function. e. Suppose now that the market demand function shifts upward to Q=2000-50P. Using this new demand curve, answer part (b) for the very short run when firms cannot change their outputs. f. In the short run, use the industry short-run supply function to recalculate the answers to (b). g. What is the new long-run equilibrium for the industry