(15 Irunutcs) Question 6 Suppose in a perfectly competitive industry, the typical firm has a long ram total cost curve expressed by: (1) $91,: 6qi 41:11:! + q? where qt is the firm's output. AC Pric Firm Qty- Industry Qty - What output will the firm produce in the long run? What is the firm's long run per unit cost? What is the optimal size for the firm? Assuming free entry and exit for this industry and if the industry market demand curve is given by P, = 4002 5 93, What will be the long run equilibrium specifically (i) industry price (ii) industry output (iii) number of firms in the industry