appears on the document. You may discuss this assignment with your classmates, but the work that you submit mu. your own. A small manufacturing firm operates a production line that makes steel shafts that are used in oil drilling. The firm's total cost curve for shafts is given by Total Cost = 15, 600 + 0.5Q + 0.025Q2, where Q is the number of shafts produced annually. Steel shafts are ubiquitous, and this firm's shafts are indistinguishable from those of competitors. As a result, this firm is a price-taker. The firm's marginal cost is given by Marginal Cost = 0.5 + 0.05Q. 1. What is this firm's supply curve? 2. Suppose there are 10 such firms, all identical. What is the industry (market-level) supply curve? 3. The demand curve for shafts is given by Qa = 20. 000 - 200 Pwhere Q is the number of shafts produced annually. Steel shafts are ubiquitous, and this firm's shalls are indistinguishable from those of competitors. As a result, this firm is a price-taker. The firm's marginal cost is given by Marginal Cost = 0.5 + 0.05Q. 1. What is this firm's supply curve? 2. Suppose there are 10 such firms, all identical. What is the industry (market-level) supply curve? 3. The demand curve shafts is given by Qd = 20, 000 - 200P, where Qa is the number of shafts demanded annually. What is the equilibrium quantity of a shaft, and what is the equilibrium price? 4. Suppose that due to a drop in the price of stainless steel, the marginal cost of producing a shaft falls. Each firm's marginal cost is now Marginal Cost = 0.25 + 0.025