3. LPerfectly competitive market In a perfectly competitive market for apples, each rm has the following cost function , where is the quantity of its supply. The inverse demand for apples is given by , where is the total market quantity demanded, and is the market price in $. a) Find the supply curve of a single producer. What range can the market price take in the short run? b) What would be the prevailing longrun price? How many units would be sold and by how many rms? c) Suppose that the government issues a tax of on each apple sold. How would the market price change? Calculate the effect on the total welfare. U