4. Suppose that a rm in a perfectly competitive industry faces the following total cost function: TC : 0.2q3 10q2 + 300g. 3. What will be the long-run equilibrium price and per firm quantity? (2 points) b. The market demand is given by Q3 : 4200 5P. How many total firms will there be at the long-run equilibrium? (1 point) {2. If a negative demand shock causes the market demand to decrease to QB : 3000 3P, how will the individual firms and constant cost industry in general respond to the negative demand shock in the short run and the long run? (Spoints) d. How would the industry response be different if it were a decreasing cost industry? (4pts)