7. Consider a perfectly competitive industry with (initially) 24 producers, each with cost function: 0(3)) 2 16 -l- 43/2. Aggregate/market demand is given by Y: 150 2p. (Note that lower case y indicates output by one rm, upper case Y aggregate output.) 3. Calculate the supply function for each individual rm 34(1)), aggregate supply and the equilibrium price 13* when the number of rms is 24. b. In the long run, more producers (with the same cost function) can enter the market. What is the equilibrium output of each rm, and how many producers will be in the market in the long-run equilibrium