Please help. Thank you

1. (10 points) Consider an industry with identical rms that each have a total cost function of the following form: TC=.4Q2+4Q+1000 The initial demand curve in the market is: Q = 122,000 500 P In the initial situation, the market is in a long-run equilibrium a) What is the initial equilibrium price, equilibrium quantity, and prots of each rm? b) Now consider that the demand curve shifts and can represented by: Q = 615,000 10,000 P What is the short-run equilibrium price, equilibrium quantity, and prots of each rm after this shift? c) What is the long-rim equilibrium price, equilibrium quantity, and number of rms in this market after the shift