-~ -....;...uk.'_.aJ \\Vv ,_,- \"7V/ Suppose the raspberry gr entry in the long run. T per month. Each rm i where q is the output 0 owing industry in Canada is perfectly competitive and there is free he market demand function is Qd = 680 2P, which is measured in tons n the industry has a tOtal cost function given by TC = q2 + 20g + 100, f an individual producer. (a) ( 5 marks) (b) (5 marks) How many rms are there in the long-run equilibrium? What is the ShOT tr 1111 market supply function in the longrun equilibrium? (0) (3 marks) Suppose the xed cost drops by $10. Are rms making prot in the short run? If DOJG, Why? If yes, What is the prot? (d) (10 marks) ignore part (40) Calculate the longrun market equilibrium price and quantity. above. Suppose the marginal cost increases by $4 from the longrun equilibrium. Calculate both the short-run and longrun equilibrium price and quantity. (e) (7 marks) Draw graphs to show the Shortrun and longrun response of an individual rm and the market in (d)