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Suppose we have many firms each with an individual supply curve of qs= 2 P. Assume that firms have a quasi-fixed cost of $4,000 (that is COST = 0 if they shut-down but COSTS = 4,000 + 14 q2 if they are open). Individual demand is q = 300 - 3 P nts) (a) Let there be n = 500 firms and m = 1000 consumers. What is the equilibrium market price (P), output per firm (q$), and consumption per consumer (qd) given the fixed number of firms? Show and explain. its) (b) Find each consumer's Consumer Surplus. Show your work.~ nts) (c) Find profits per firm. What does this imply for entry/exit decisions? Show your work. nts) (d) Now let the number of firms change so that each firm's profits are zero. How many firms will there be in long-run equilibrium? Show and explain why the long-run equilibrium price is $63.25. nts) (e) Now suppose the quasi-fixed costs fall to $3000. Show and explain what happens to long-run equilibrium price and number of firms. Explain the idea behind the result.~