5. Suppose that any given individual firm in this same perfectly competitive industry has the following: TC = 0.3q3 - 1.5q2 + 3q + 24 ATC = 0.3q2 - 1.5q +3+- 24 MC = 0.9q2 - 3q +3 Also, assume the market price is P* = 18. in perf comp. P= MR 5a. Find the quantity that the individual firm would produce at this price. Round your quantity answer to the nearest whole number. Show work. Hint: You will have to use the quadratic formula. (2 points) IT max LD a x 2 + b x + c =o at MR= MC 18 :0.9 92 - 3 9 + 3 X = - b + 1bz - nac - D= mc 0 . 9 92 - 39 - 15 = 0 2a Answer get rid of - a 9 = 2 5b. Using your rounded quantity, what is the short-run profit or loss earned by a typical firm in this industry at this market price? Don't round your costs or profit answer. Show work. (2 points) TT = q x [ P - ATC] Do NOT turn your homework in TT = TR - TC on this instruction sheet. Use the turn in template instead! Print that template using front/back printing so your submission is just one piece of paper