3 Consider a perfect competition scenario, where the market demand is given by p: 100_ ; Q, market supply is 8 given by p = i Q' Suppose on the firm level, the firm's marginal costs are given by MC = 5Q! and average total 8 . 65 costs are given by ATC = 2.5Q + _. Q How much will the individual rm choose to produce, and what will be their profit? O Q=5, Prot= $2.5 0 (1:50, Profit: $25 0 (1:50, Profit=- $25 O Q=5, Prot= -$2.5