All firms in the competitive jawbreaker (giant gumball) industry has a total cost function of: c(q) = 1 /4 q + 1 /10 q^2 + 10 The demand for this product is defined by the function P = 4 1 /1000q (a) What is the long-run market price and quantity in this market? How many firms will produce jawbreakers? (b) Assume that a study is released revealing that four out of five dentists believe that jawbreakers promote tooth decay. Demand plummets to: P = 3 4/ 875q Assume that the number of firms is fixed in the short-run. What is the industry's short-run supply curve? What is the new market equilibrium price and quantity? How much does each firm earn in profits? (c) Do you expect the number of firms to increase or decrease in the long-run following the shock to the market place? Do you expect the market equilibrium price to increase or decrease in the long-run?