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Question c) Calculate Total Profits in the short run Enter your answer here Question d) Calculate the equilibrium quantity q* of a single firm in the long run Enter your answer here Question e) Calculate the price p* in the long run Enter your answer here Question f) Calculate the Total Costs, Total Revenues, and Profits in the long run Enter your answer here Question g) Calculate the market quantity Q* in the long run Enter your answer hereQuestion 2-1 We are in a perfect competitive market in which all firms are identical - with the same cost curves. Given the following Total Cost (TC), market demand function, Marginal Cost (MC) and price: TC= 100 + q2+q QD=500-1/2p MC=2q+1 p*=400 Question a) Calculate the equilibrium quantity q* of a single firm in the short run. Enter your answer here Microeconomics 18-12-2020 Ordinary Exam Page 8 of 12 Question b) Calculate the Total Cost and Total Revenue in the short run