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PART 2 (40 points): Complete the following two questions in full PART 2 QUESTION 1: Representative Consumer model with Homogeneous Products: An industry consists of n firms with identical costs. The cost function for each firm and the market demand are given below. . C(q)=30q+900 . Q=330-P (i) Assume the n firms engage in Cournot competition. Derive the best response for a typical firm i. Use the notation to represent output by all firms except i. (ii) What is the Cournot firm output, market output, market price, and Average Cost as a function of n in the symmetric equilibrium where all firms produce the same output? (iii) Assuming there is free entry in the long run, solve for the long run equilibrium number of firms, output per firm, and industry price. (iv) The government could regulate the industry by setting the price to the socially efficient level and subsidizing the industry. What would be the efficient price, industry output level, and required government subsidy? (v) Calculate (TS) =CS+Industry Profit in the long run equilibrium. What would this measure be if the industry produced the output in the most efficient way? Calculate this without any subsidy