Please solve ONLY part 5 and part 6 with a detailed solution if possible. Thank you!

EXERCISE 3 The inverse demand curve for bean sprouts is given by P(Y) = 100 21', and the total cost function for any rm in the industry is given by TC (y) = 4y. (1) What is the marginal cost for any rm in the industry? What is the change in price for a oneunit increase in output? (2) If the industry is perfectly competitive, what is the industry output and the industry price? (3) Suppose that two Cournot rms operate in the market. Derive the reaction functions for Firm 1 and Firm 2. If the rms operate at the Cournot equilibrium point, what would be the industry output, each rm's output, and the market price? (4) For the Cournot case, draw the two reaction curves and indicate the equilibrium point on a graph. (5) If the two rms decide to collude, what would be the industry output and the market price? (6) Suppose both of the colluding rms are producing equal amounts of output. If one of the colluding rms assumes that the other rm would not react to a change in industry output, what would happen to a rm's own prots if it increased its output by one unit