1. Jeremiah is a Washburn student who uses Chat CPT to write other students' papers. His cost function for each semester is: () = 5 + 1.5 2 + 8 where Q is the number of papers he writes. a. Suppose Jeremiah is in a perfectly competitive market. The equilibrium price of writing papers is $50 per paper. How many papers will he write each semester and what will be his profit? 2. Current ChatGPT is a free service. Suppose ChatGPT starts to charge for their service. In order to access the service Jeremiah will have to pay $20 per semester. ChatGPT will also charge a fee of $0.25 per prompt. Jeremiah typically has to make 4 prompts for each paper he writes, meaning this will add an additional cost of $1 for each paper he writes. a. What will be Jeremiah's cost structure after ChatGPT's new cost structure. b. In question 1, the price of writing papers is $50 per paper. What do you expect to happen to the price of writing papers if all firms face the same increase in costs as Jeremiah does? i. New Price: $_____ ii. Your reasoning for choosing the new price