2. There are 14 firms in a perfectly competitive industry. Each firm has a fixed cost of PC = 50 and a variable cost of VC = -qz, where q is the quantity produced by each firm. Each firm marginal cost is MC = q. The market quantity demanded is on = 120 P, where P is the market price. a. What is each firm total cost, TC? What is each firm average total cost ATC? b. What is each firm's most efficient production level, that is the quantity, q, that has the lowest ATC? c. What is each firm's supply curve equation, g5: flP]? And what is the market supply equation CL; = fiP)? d. Given the market demand (CID = 120 P] and the market supply found in 1.c, in the short-run what is the equilibrium market price P' and market quantity (1*? e. Given the short-run market price P' you found in 1.d, what is the optimal production level, (1*, that each firm produces? f. At the quantity level (1*, what is ATC\"? And how much profit [or loss] does each firm make? 3. In the long-run, will firms enter or exit the market? As firms enter (or exit) what happens to price? What is the long-run market equilibrium price? h. How many firms will be present in the long-ru n