Suppose that the perfectly competitive for market for milk is made up of identical firms with long-run total cost functions given b TC = 6 q3 - 36 q2 + 60 q Where, q = litres of milk. Assume that these cost functions are independent of the number of firms in the market and that firms enter or exist the market freely. If the market demand is : Qd = 7,000 - 140 P 1. What is the long-run equilibrium price? Number 2. What is the quantity produced by each firm? Number 3. What is the number of firms in the industry? Number 4. Suppose that market demand increases to Qd = 11,000 - 157.14 P. What is the new long-run equilibrium number of firms? Number