2 Question 2 (18 points) Suppose there are n identical firms in a market. Each firm's cost function is given by C = 160+40q2 where q is the amount that an individual firm produces. Also, the market demand is given by P = 400 - 4Q where Q is the total amount of the good produced by all of the firms combined. Therefore, Q = n * q. a) (4 points) How much output will each firm produce in long run equilibrium? b) (5 points) What will be the market price in long-run equilibrium? c) (4 points) What is the price elasticity of demand for an individual firm in long-run equilibrium? d) (5 points) How many firms will there be in long run equilibrium