4. Consider a perfectly competitive market characterized by the following demand and supplyr equations: D=2nnn5p apsac Suppose all firms in the market have identical cost structures, with each firm's marginal cost given by the equation: ME=4Q+BD Answer the following questions. Page 2 of} a. Draw two separate diagrams sidebyside. i. [In the left1 plot a diagram showing the supply and demand curves for the market. ii. [In the right, plot a diagram showing the marginal revenue and marginal cost for a single firm in this industry. b. Find the optimal price and quantity foraI singlenn. c. Suppose the firm's Total Cost [as a inction of Q] is given by the equation TCIIQ} = ZQZ + 400 + 50H. Calculate prot for an individual firm. d. Using the Total Cost equation provided above, find the firm's Total Fixed Cost. (Hint: Remember that TFC does not vary with the level of output Q. and you incur TFC even if you produce nothing; that is, T'f} = TFO} e. Describe how you would expect this market to change going forward over the long run. [You don't need to give actual numbers for this part. Just discuss in words how this market will change and why.)