An industry currently hаs 100 firms, eаch оf which hаs a fixed cоst оf $16 and total cost as follows: Quantity Total Cost 1 17 2 20 3 25 4 32 5 41 6 52 a. Compute a firm’s average total cost and marginal cost for each quantity from 1 to 6. (4 points) b. The equilibrium price is currently $10. How much does each firm produce? What is the total quantity supplied in the market? (3 points) c. In the long run, firms can enter and exit the market, and all entrants have the same costs as above. As this market makes the transition to its long-run equilibrium, will the price rise or fall? Explain. (2 points) d. What is the long-run equilibrium price? Graph the long-run supply curve for this market, with specific numbers on axes as relevant. (3 points)