b. In the short run, if the price is $4, what is marginal revenue? How many units should a profit maximizing competitive firm produce? What is its profit (loss)? Would this firm produce in the short run (long run) at this price? If the price is $20, how many units does a firm produce? What is its profit or loss? c. What is the firm's short run supply curve (an equation: q=)? Hint: how did you know how many units the firm produces at each price? d. If there are 50 identical firms in this market, what is the supply curve? If the market demand Q= 5000-500P, what is the amount sold and the market price? What do profits for the individual firm equal? e. What happens in the long run?1.a. A competitive firm has a short run total cost curve represented by the following equation: C(q) = 50 +.05q2 Derive the marginal cost. Derive the expressions for average total cost and average variable cost for this C(q)