Consider a competitive industry with the following demand curve Q = 110-P where Q is the number of units demanded and P is the price per unit. The industry consists of identical firms, each with the following cost function: C(q)=49+2q2 if q>0 C(0)=0 a. Calculate marginal cost for a firm in this industry b. Draw a graph showing each firm's marginal cost curve, average cost curve, and average variable cost curve. What is the minimum long-run average cost in the industry? c. Suppose there are no barriers to entry in the long-run. Estimate the number of firms you are likely to observe in this industry in the long-run. d. What is the long-run equilibrium price and what profits do firms make? e. More generally, (no calculations from this particular example needed) explain what happens to producer surplus in the long-run under perfect competition and what is its relationship to profits?