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Question 4. (19 points) Suppose that there are 120 identical rms in a perfectly competitive industry. Each rm has a short run cost function of the form SC(q) = 6g2 + 30g + 600. (a) Calculate the short run average and marginal cost function. At what output level does short run average cost reach a minimum? What is the minimum of the short run average cost? (b) Calculate the short run supply function for each rm and the in dustry short run supply function. (c) Suppose that the market demand is given by Q: = 2,400 5p. Calculate the short run industry equilibrium. ((1) What is the short run equilibrium output of each rm? What is the producer's surplus and prots of each rm? (e) If the long run average cost of each rm is minimized at an output of 10 units and the minimum average cost is $150, what is the industry's long run supply? What is the long run output of each rm? How many rms will there be in the industry in the long run