| Suppose that the perfectly competitive market for banana chips is made up of identical firms with long-run total cost functions given by TC(Q) = 8Q3 - 40Q2 + 200Q. Assume that these cost functions are independent of the number of firms in the market and that firms may enter or exit the market freely. Market demand is QD = 8,000 - 3.5P, where price is in cents. Answer the following questions: a. Using calculus, find the following: (i) the equilibrium price. (ii) the quantity produced by each firm. (iii) the number of firms in the industry. c. Suppose the market demand decreases to Q?= 7,000 - 3.5P. Solve for the long- run competitive equilibrium