(30 Points} 1. (a) Graphically illustrate and explain the longrun equilibrium condition for a perfectly competitive rm. (b) Suppose you manage a rm operating in a perfectly competitive market and you recently learned that the overall market supply of your product will decrease by 5% and the overall demand for your product will increase by 5%. Graphically illustrate and explain how the anticipated changes in market demand and supply of your product will impact your future prot maximizing levels of output and price. if any. (c) Suppose your competitors charge a price of $90 per unit for your product and your rm's cost function is {2le = 50 + 10G +2Q2, where {1 is quantity produced. i. Clearly show your steps and calculate your prot maximizing output and price in the shortrun. ii. Clearly show your steps and estimate your short-run prot or loss. iii. What adjustments would you expect in the longru n, if any? Explain. iv. Given your rm's cost function above, clearly show your steps and derive your rmls shortrun suonlv function