3. There are 100 identical firms in a perfectly competitive market. The total costs of each firm are shown in the table below: Output O 1 2 3 4 5 6 7 8 TC 20 30 38 45 52 61 72 85 100 The quantities demanded by the market at different prices are shown in the table below: Price 8 10 12 14 Quantity demanded 550 500 450 400 (a) Complete the table below: Output 1 2 MC 3 4 5 6 AVC ATC (6) Draw in the graph below the market demand curve and the short run market supply curve. Price $14 $12 $10 $8 $6 300 400 500 600 700 Output c) What are the market price, market output, each firm's producer surplus and profit in the short run? (d) What will be the market price, market output, number of firms, each firm's producer surplus and profit in the long run