(15 minutes) Question 6 Suppose in a perfectly competitive industry, the typical firm has a long run total cost curve expressed by: (1) TCi = 6qi -4q;2 + qp where qi is the firm's output. AC Price 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 Px = 4002 - 5 Qx What will be the long run equilibrium, specifically (i) industry price (ii) industry output (iii) number of firms in the industry