The Perfectly Competitive Firm in the Long Run Suppose the firm has the following Total Cost Function: TC=125q,-10qi+q a) What will be the profit maximizing firm's output in the long run? (4 marks) b) What price will the firm charge? (3 marks) c) What will be the firm's profit and why? (2 marks) If Industry Demand is given by: P=1100-Q d) What is total industry output? (2 marks) e) How many firms are in the industry? (2 marks)Page 10 of 13 f) Illustrate your answer. (2 marks) Firm Industry $ qi