3. There are 100 identical firms in a perfectly competitive market. The total costs of each firm are shown in the table below: 1 2 Output 0 TC 4 5 6 35 44 57 64 73 84 The quantities demanded by the market at different prices are shown in the table below: Price 8 10 12 14 Quantity demanded 850 600 350 100 24 (a) Complete the table below: 2 3 Output 1 MC 11 q 1 AVC ATC $16 $14 $12 $10 $8 3 51 4 b 200 5 7 (b) Draw in the graph below the market demand curve and the short run market supply curve. Price 6 9 7 400 600 800 7 11 8 97 8 9 114 1000 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?

3. There are 100 identical firms in a perfectly competitive market. The totalenete af annh e the table below: (a) Complete the table below: (b) Draw in the graph below the market demand curve and the short run market supply curve. Pries (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