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Question 1.1 Suppose the market inverse demand function is P = 105 - Q, and the marginal cost (in dollars) of producing the product is MC = 0.50, where P is the price of the product and Q is the quantity demanded and/or supplied. a. How much would be supplied by the producers in this competitive market? (Hint: In a perfect competition, the profit maximization condition is MR=P=MC) (10 points) b. Compute the consumer surplus and producer surplus. Show that the economic surplus is maximized. (10 points)