Kindly .answer correctly.

"'""" " '\"'\""""' ---...........- I." \"""'" ""1 Consider a Diamond model, where we set the productivity factor A; to unity (1) in all periods. The working population, Lg, grows at rate R, i. e., Li\": (1 + n)L. Lower-case letters denote perworker terms, e.g. k, = K,/L,. Agents live for tam periods. Income earned (from labor) in the rst period of life (10,) is spent on saving (3,) and rstperiod consumption (Cu). The rst-period budget constraint can thus be written 011 = to: ' 31. In retirement, the same agent consumes 02,\Firms in the perfectly competitive constant cost widget industry have access to technology that allows them to produce widgets at a cost of C(q) = 300 + 10q + 3q2, with sunk costs of 225. Demand for widgets is Q = 1300 - 10P. a) The industry is currently in a long-run competitive equilibrium. What is the market price and quantity that each firm produces? How many firms are there currently operating in the industry. b) Illustrate the current state of the industry on carefully drawn and labeled graphs of the typical firm's marginal and average costs and the market. c) What is the short-run market supply curve for the industry? d) Suppose that demand for widgets changes to Q = 1540 - 10P. What will happen to the price in the short-run? What will happen to the price in the long-run