4. (6 points) If there are 100 identical cow-calf operations in Oregon, what is the short-run market supply function? (Hint: start with your result from problem 1.) 5. (6 points) In the long run, only firms that produce at minimum average cost (AC) will survive. Since marginal cost (MC) always intersects average cost at its lowest point, you can find this point by calculating MC and AC and equating them. The q that equates them can then be plugged back into either MC or AC to find the price (p). Report the long-run equilibrium q and p of calves. 6. (5 points) Suppose that the market demand for calves is O=5700-p. Given what you found for p and q in problem 5, how many cow-calf operations will survive in a competitive long-run equilibrium? 7. (5 points) The law firm invites you to Salem for questioning by DOR researchers. What will you tell them? Do you have evidence that the cow-calf operation under investigation is a profit-seeking operation? Did you get different result for the long run versus short run