In the US cotton market, there are 520 identical competitive farms, each farm having the cost function C(q)=32+3q+0.5q2 where q is the quantity of cotton in tons produced by each farm. The market demand curve is given by Qd=4640100p. (a) Calculate the market equilibrium price p, and profit level . (b) Farmers lobby the government for a price support program with any excess supply being purchased by the government at the support price. What is the lowest price, pL at which all current farmers will remain in this industry? (c) How much does the government spend buying the excess supply of the farmers at the support price? In the US cotton market, there are 520 identical competitive farms, each farm having the cost function C(q)=32+3q+0.5q2 where q is the quantity of cotton in tons produced by each farm. The market demand curve is given by Qd=4640100p. (a) Calculate the market equilibrium price p, and profit level . (b) Farmers lobby the government for a price support program with any excess supply being purchased by the government at the support price. What is the lowest price, pL at which all current farmers will remain in this industry? (c) How much does the government spend buying the excess supply of the farmers at the support price