1. The market for sugar is perfectly competitive and consists of 3,500 identical rms. Each rm has the following short-run cost functions, SRTC =I,500 + 35492, where q is musured in bushels per year. The market demand curve for sugar is Q = 11,200 30F. a. Determine the short-run equilibrium price. (8 points) b. Calculate the prot maximizing quantity for the individual rm. Calculate the rm's short-run prot (or loss) at that quantity. (8 points) c. Assume that the short-run prot or loss found in part (b) is representative of the long-run prospects in this market. Describe the expected long-run response. (8 point)