Please provide detailed answers

PROBLEM 2 (40 points total). expressed as Consider a perfectly competitive market in which the daily market demand for the product is and the supply curve of the product is expressed as P = 90 - 4Q, P = 30 + 2Q. Price, P, is expressed in dollars per unit sold, and Q represents units per day. The typical firm in this market has a total cost of TC = 54 + 2q+6q2 (MC = 2+12q) where q is firm output per day. You can assume that in this market all firms are identical and that their goal is to maximize profits. 2.1 (10 points) Determine the short-run equilibrium market price and market-level quantity.2.2 (10 points) What is the quantity produced by the typical firm in this market. What is the total economic profit for the typical firm?2.3 (10 points) Is this market in a long-run equilibrium? Why or why not? Do you expect exit of firms from the industry or entry of new firms in the long run? Explain.2.4 (10 points) What will the long run equilibrium market price, the quantity produced by each firm in the long run, and total profit earned by each firm in the long run