Consider a perfectly competitive market with a price of $21, where each firm has a cost function of c(q)=10+q+32q2 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 c(q)=5+0.5q2? c) Illustrate this innovation graphically using a well-labeled diagram