9. (12pts) You work for a rm that produces an input that is used by these competitive firms. Your marketing vice president has asked you to provide an analysis to support the marketing department's strategic planning committee. They understand that the industry is not currently in long-run equilibrium, and they have asked you to help them estimate the output that will be produced and the number of rms that will exist when the industry reaches long-run equilibrium. This will require several steps: a. (1pt) Visualize what needs to happen to reach LR equilibrium. Given the current SR equilibrium, will firms enter or exit to arrive at the new LR equilibrium? How will that affect the market for this good? Brieflyr Explain. b. (2pts) For each firm, the LR equilibrium occurs when profit equals zero. This means that P=ATC. The quantity rule requires that P=MC, thus, at the LR equilibrium, P=MC=ATC. Using this information, calculate q' and P that satisfy both conditions. c. (1pt) In the market, 5 8: D must be equal at this price. In other words, this must be a market equilibrium price. Calculate the equilibrium market quantityr (Q')