3.Consider a perfectly competitive market. Assume that market demand is P=100 - QD and market supply is P=0.5Qs. Denoting the firm level quantity by q, assume TC=5q+2q4q3 so that MC=5+4q+3q2.

a) In the short run, there are 50 firms in the market, find the market equilibrium price and quantity.

b) Find the short run profit for a typical firm.

c) Find the long run (free entry and exit) equilibrium price and the number of firms.