6. Assume a rm in a perfectly competitive market has an average cost function given by AC(Q) = 350 6Q + 0.04Q2. 6.1. (2 points) Does this cost function refer to the short run or the long run? Explain your answer. 6.2. (5 points) What level of output will the rm produce in the long run equilibrium? 6.3. (5 points} What price will the rm charge in the long run equilibrium? 6.4. (5 points) What prots will the rm make in the long run equilibrium? 6.5. (5 points) If the total market demand in the long run is at the price in (6.4) is 5000 units, how many rms will be in the market? What will be the four-rm concentration ratio in the industry