4. Suppose that a rm in a perfectly competitive industry faces the following short-run cost function: TC = 0.2:;3 8q2 + 150q. a. What will be the longrun equilibrium price and per firm quantity? (2 points) b. The market demand is given by Q; = 8350 5P. How many total firms will there be at the long-run equilibrium? (1 point) c. If a negative demand shock causes the market demand to decrease to 00 = 9240 8P, how will the individual firms and the constant cost industry in general respond to the negative demand shock in the short run and the long run? (3points) d. How would the industry response be different if it were a decreasing cost industry? (4pts)