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A firm sells its output, q, in a perfectly competitive market at a price of p per unit. Suppose this firm's long run total cost function is C = 40q - q' + ;q. (6 pts) 1. Find the long run average cost and long run marginal cost functions of a typical firm in this market. (1 pt) 2. Currently, the market demand for this firm's product is Q = 884 - 8p. Assume that the industry in which this firm sells its output is a constant cost industry and entry and exit are allowed. (5 pts) a. What is the long run equilibrium market price and market output? Show and briefly explain the basis for your answer. (3 pts) b. How much output does each firm produce when the market is in long run equilibrium? Show and briefly explain the basis for your answer. (I pt) c. How many firms will be in this market at the long run? Show and briefly explain the basis for your answer. (I pt)