5. In a local market for buckwheat in Moose Jaw Saskatchewan, there are 1,000 farmers looking to sell their buckwheat crop. Each farmer recognizes that his individual production choices do not affect the market price, thus this market is considered to be perfectly competitive. The farmers have a cost function given by c(y;) = 32 + 10y; + 2y? (/=1, 2, ..., 1,000). a) Identify the fixed and variable costs of a single farmer. What are the average fixed, average variable, and average total costs? What is the marginal cost? Present the marginal cost and all the averages costs in a graph. b) What is the supply function of an individual farmer in this industry? What is the industry supply function? c) The demand for buckwheat in this market is given by D(p) =9,500- 50p. What is the market price? How much will each farmer sell? What is the profit an individual farmer is making? d) Now assuming the firms' long run cost function is LR: c(yi) = y, - 8yr + 42y; and the demand given in part (c) also represents the long-run demand, find the number of farmers who will be in this market in the long-run