4. (Profit Maximization in a perfectly competitive market). Using the new market price that you calculated in question 3 and assume that your farm's weekly cost function is unchanged: TC(Q) = $1036.8 + $2Q + $0.0045Q2 a. (3 points) What is the new profit maximizing output level (Q*) for your farm? b. (3 points) What are your farm's weekly profits at the new profit maximizing output level? C. (3 points) Is this market at its long-run equilibrium? If yes, explain why. If not, discuss what will happen to restore the market to its long-run equilibrium. Qd = Qs 10062 - 100P = 3564 + 800P 6498 = 900P P = $7.22 a New Equilibrium Price