Consider a perfectly competitive market with a price of $21, where each firm has a cost function 2 ofc(q) = 10 + q +3112. a) Is the market in long-run equilibrium? Explain why or why not. b) What is the value to a firm of a cost-saving process innovation that reduces the cost function to dig) = 5 + 0.5q2? e) Illustrate this innovation graphically using a well-labeled diagram