Question 2 (25 points) Suppose demand for computer chips is Qa = 300 - P and that this industry is served by identical firms. Each firm's total cost function is C(Q) = 302 + 60 + 1200. a. Find each firm's short-run and long-run supply curve. [10 points] b. In the short run, suppose there are 10 firms in the industry. What quantity will each firm produce? [5 points] c. Will there be entry or exit in the long run? [2 points] d. In the long run equilibrium, what will the price in the industry be and how much will each firm produce? How many firms will there be in the market? [8 points]