Suppose a market is characterized by an inverse demand curve P(Q)=100-4Q. All firms in the market are identical. Each firm faces a long-run total cost function TC=20+5Q+4Q2 , with corresponding marginal cost MC=5+8Q. A) What does the 20 represent in the long-run total cost function? (10 marks) B) Determine the long-run equilibrium price and quantity (given that there's free entry and exit in the long-run). (10 marks) C) Determine consumer and producer surplus. 6. Re-do parts B) and C) of question 5, except that instead of perfect competition, the market is characterized by a monopolist. (The marginal revenue curve associated with inverse demand is MR=100-8Q)