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3) (40 points) Demand in some market is represented by Q = 308 - 2P. All firms face the same marginal cost of producing in this market, which is represented by: MC = 4+2. a) If this market is perfectly competitive, what is the competitive equilibrium price and quantity? b) Now assume there is a single firm which produces and sells this product. What is the optimal price and quantity for this firm to sell? If you wish, feel free to use the following facts: given the equations above, revenue is: 154Q - = Q2, and therefore the equation for marginal revenue is: MR = 154 - Q. c) What is consumer surplus in part (a)? d) Is total surplus higher or lower in (a) or in (b)? How can you know this without doing any calculations