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3. Consider a perfectly competitive market with many identical rms. Each rm has a long-run marginal cost function given by LRMny} = y? + 1. LRATC and LRMC cross at a y value of 3, meaning that LRATC(3) = LRMC{3).1 (a) Find an expression for an individual rm's long-run inverse supply curve: this will be p as a function of y. Note that it will not exist for some values of 3;. Recall that the rm will choose a 3; value where price equals marginal cost as long as price is higher than LRATC. (b) Find an expression for an individual rm's long-run supply curve: this will be y as a function of p- (You simply need to rearrange the inverse supply curve from part (a).) Note that it will not exist for some values of p. (c) Find an expression for the long-run market supply curve when there are 5 rms operating. This will be output as a function of p, note that it will not exist for some values of p. (d) Find an expression for the longrun market supply curve when there are n rms operating. This will be output as a function of p and n, note that it will not exist for some values of p. (e) In long-run equilibrium, total market output is 180. What is the market price and how many rms are operating