3.) The market for pizza slices in a certain town is perfectly competitive. The demand function for pizza slices is given by Q = 200 - 25p (for p $ 8). The supply function of each pizza restaurant is given by: 0if p > 2 Q = 0v5if p=2 p+3if p>2 Recall that this means that the efficient scale of production for each restaurant is Q = 5 and that the shut-down point (minimum of average cost) is p = $2. (a) What is the quantity of pizza slices sold in a long-run equilibrium in this market? (b) How many restaurants sell pizza in a long-run equilibrium? (C) Suppose that the market was in a long-run equilibrium. Due to an increase in the population of the town the demand for pizza has increased and is now Q = 290 - 20p (for p $ $14.5). In the short run, only restaurants that were already active before the change can sell pizza. What is the competitive equilibrium price in the short run after this change in demand? (d) How many pizza slices each restaurant sells in the short-run equilibrium after of the increase in demand? (e) How many pizza slices each restaurant sells in the long-run equilibrium after the increase in demand