3. Assume that the manufacturing of generic medicine XYZ is a perfectly competitive industry. Suppose that the annual demand for this medicine is given by: 00 = 40,000 4UP . There are hundred manufacturers. Each manufacturer has the same production costs. These are 5 500 11.000 described by total and marginal cost functions of: TC (q) = 51.72 Tq + 3 and M6021) = % q % a. Show that an individual rm in this industry maximizes prot by producing: q = 50 + 0.3P. Derive the industry supply curve and show that it is: Q5 = 5,000 + 30F. Find the market price and aggregate quantity traded in equilibrium. How much output does each rm produce? CaICulate each rm's prot. {vapo