Question 4: The ethanol industry is perfectly competitive, and each producer has the long-run marginal cost function MC(Q) = 48 - 240 + 302. The corresponding long-run average cost function is AC(Q) = 48 - 120 + Q2. The market demand curve for ethanol is Q" = 240 - 10P. 1. What is one firm's inverse long-run supply curve with the minimum level of price for the firm to operate? 2. What is the optimal level of quantity produced by each firm in the long-run? 3. What is the long-run equilibrium price in this industry? 4. What is the long-run industry ( or market) supply curve? 5. What is the equilibrium quantity demanded in this market? How many active producers are in the ethanol market in a long-run competitive equilibrium