5. (10 points} What is the short run supply function of a rm that operates in a perfectly competitive market and produces according to the cost function C (Q) = 160 + 58Q 6Q2 + Q3- 6. Assume a rm in a perfectly competitive market has an average cost function given by AC(Q) : 360 6Q + 0.04Q2. 6.1. (2 points) Does this cost function refer to the short run or the long run? Explain your answer. 6.2. (5 points} What level of output will the firm produce in the long run equilibrium? 6.3. (5 points) What price will the rm charge in the long run equilibrium? 6.4. (5 points} What prots will the rm make in the long run equilibrium? 6.5. (5 points} If the total market demand in the long run is at the price in (6.4) is 5000 units, how many rms will be in the market? What will be the four-rm concentration ratio in the industry