General Motors produces light trucks in its plants in Michigan.

a. The marginal cost is $20,000 per truck. Inverse demand for these light trucks in the Midwest is given by:= 30,000 .1. What is the quantity sold if GM sets a price of $25,000?

b. Check whether the amount you found in part a) the profit-maximizing quantity.

c. In a separate analysis, you find that Qmin, the cost-minimizing quantity of light trucks, is 65,000 per month. How many firms can the industry support if the annual national demand for these trucks is 2.4mil?