A number of stores offer film developing as a service to their customers. Suppose that each store that offers this service has a cost function C(q) = 50 + 0.5q + 0.08q^2 and a marginal cost MC = 0.5 + 0.16q. a. If the going rate for developing a roll of film is $8.50, is the industry in long run equilibrium? If not find the price associated with long run equilibrium. b. Suppose now that a new technology is developed which will reduce the cost of film developing by 25%. Assuming that the industry is in long run equilibrium, how much would any one store be willing to pay to purchase this new technology