Question 2: Assume that the Craft beer market is a perfectly competitive market. As- sume that, in the short run, market demand for beer (in millions of six packs a year) is P : 100 4629 and market supply is P : Q3 (in millions of six packs a year). Denoting rm level quantity by q, assume that a brewery total cost is: TC=50+4q+q2 a) What is the market equilibrium price and quantity? b) If all breweries are identical, how many breweries are in the industry in the short run? (fractional rms are not a problem) C) De rms make a prot or loss in the short run, and how much are these prots / losses? d) What will be equilibrium prot in the long run? What is the equilibrium price in the long run? e) How many breweries are in the market in the long run