3. There are 6 "low demand" buyers of a good with demand functions qLD(p)=808p for prices p10, and 2 "high demand" buyers with demand functions qHD(p)=1207p for prices p120/717.14. There is a single seller with a total cost function C(q)=32q3/2. (a) Derive the aggregate demand function in this market. (b) Derive the supply curve of the seller. (c) Find a competitive equilibrium in this market. How many buyers are participating in this equilibrium? (d) Suppose more firms enter this market. Considering your answer to the previous question, how many buyers will participate in the market equilibrium? (e) One other firm with identical costs enters this market. Calculate the new competitive equilibrium. 3. There are 6 "low demand" buyers of a good with demand functions qLD(p)=808p for prices p10, and 2 "high demand" buyers with demand functions qHD(p)=1207p for prices p120/717.14. There is a single seller with a total cost function C(q)=32q3/2. (a) Derive the aggregate demand function in this market. (b) Derive the supply curve of the seller. (c) Find a competitive equilibrium in this market. How many buyers are participating in this equilibrium? (d) Suppose more firms enter this market. Considering your answer to the previous question, how many buyers will participate in the market equilibrium? (e) One other firm with identical costs enters this market. Calculate the new competitive equilibrium