4. Entry There is a large number of potential identical entrants who can enter a new market; the firms in the market compete via quantities. Firms decide on their quantities after entering the market. The products of the firms are perfect substitutes and the market inverse demand function is P = 300 - Q, where Q = Z, qi. The cost for each firm i operating in the market is C(qi) = 30qi + 81. N The sunk cost of entry is S = 144. (a) What is the best response of a representative firm to a given belief of the other firms' quantities? (b) What is the equilibrium quantity per firm as a function of the number of firms? (c) What are equilibrium profits as a function of the number of firms? (d) How many firms will there be in the market in the long run? (e) What will be the long-run market price