Bicycle frames are produced by a number of identical rms under perfect competition. Each rm's long-run cost function is C(y) = y3 203,!2 + 1003; + 8,000 where y is the number of frames produced. The market demand for frames is q = 2, 500 3p where p is the market price per frame. (a) What is the long run equilibrium price? (b) What is the long run equilibrium level of industry supply? (c) What is the long run equilibrium number of rms in the industry? How many frames does each of them produce