Suppose a representative rm in a perfectly competitive, constant-cost industry has a cost function TC = 5Q2 + 120Q + 150 a. b. What is the long-run equilibrium price for this industry? Make sure to show your work. If market demand is given by the function Q = 1500 2P, Where P denotes price, how many firms will operate in this long-run equilibrium? Make sure to show your work. Suppose the government grants a lump-sum subsidy to each rm that manufactures the product. If this lump-sum subsidy equals 30, What would be the new long-run equilibrium price for the industry? Make sure to show your work