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Question 4 Part A (8 points) Each firm in a perfectly competitive industry has an identical cost structure such that long-run average cost is minimized at an output of 24 units. The minimum average cost is $12 per unit and the industry is constant cost industry. The total market demand is given by Q" = 1,800 - 502. What is the long-run equilibrium price? The total industry output? The output of each firm? Number of firms? And the profits of each firm? Find the industry's long-run supply schedule. Question 4 Part B (8 points) Suppose that we have a perfectly competitive industry that exhibits decreasing costs. Suppose initially we are at the L.R equilibrium. Consider a scenario that a negative demand shock hits the market (market demand decreases). Show the adjustment process on a diagram that contains both individual firm and industry analysis. What happens to the equilibrium price, output (both individual firm and industry) and the number of firms in the LR? Show the long run industry supply