2: Peter's Pans, LLC is a company that produces and sells cookware and operates in a perfectly competitive market where there is a total of 10 firms (including Poter's), Basically, all the firms in this competitive market have production technologies (production and cost conditions) that are the same as Peter's. Suppose Peter's total cost function is given by C(q) =100 +5q + 0.0625q^2 a Calculate Peter's optimal output level and profits if the market inverse demand for pans per day is stable and given by: P=40--0.03125Q b. What do you predict will happen to the number of firms in this market over time? c. If Peter's Pans is typical of the firms in this industry (same as the other 9), calculate the long- run equilibrium output, price and profit level that will ultimately prevail in this industry