Imagine a perfectly competitive wheat market with 1000 identical wheat farmers.For each individual wheat farmer, their total cost of production isTC(q)=10+q2

, whereqis the individual quantity that that farmer produces.(This implies that each farmer's marginal cost isMC(q)=2q.)

Overall demand in this market can be given byQ=600000100P, whereQis the market quantity demanded andPis the market price.

Determine the short-run equilibrium values of Q (the market quantity), P, and the profits that each individual firm makes.

Q =XXX

P = XXX

Profits of each firm = XXX

Give the missing XXX figures