3. This question asks you to consider the market for solar panels produced in a county. For this question, please assume that there are many small solar panel manufacturers, so that the market is perfectly competitive. a} Depict the market for solar panels in longrun equilibrium. Using two diagran'lsI one to represent the market for solar panels. and a second to represent the costs of a typical solar panel manufacturer. illustrate the current price, quantity and prots of a typical solar panel manufacturer. Explain why you have drawn the curves as you did. b} To support the development of alternative energy. the government decides to provide land for solar panel factories below market prices. thus subsidizing the production of solar panels. Show how subsidizing a factory in this way changes the costs in the shortrun. How would the short-run prots of a typical solar panel producer change':JI c} Will the scenario you have described in part [b] be a stable longrun equilibrium? 1iWhy or why not? Dnce again using separate diagrams for both the market and a typical firm, illustrate the new longrun equilibrium for the solar panel market