Please follow the instructions below and provide the correct answers.

Briefly explain your reasonings.

Q3 (5 points) Almonds are grown and sold in a perfectly competitive market, where P is measured in dollars per kilogram. The diagram below illustrates the short-run market equilibrium: P Mkt S PPC = 40 Mkt D Q Qpc = 6,240 All firms in the industry are identical, where the typical almond farmer faces the following short-run total cost function TO (g) = =93 - 5q2 + 24g + 64 with marginal cost equal to MO (q) = 1.5q2 - 10g + 24. Part (a): Write out the farm's short-run supply curve. Include all relevant details. An incomplete answer will not receive full marks. Part (b): How many kilograms of almonds will each farm produce when they are maximizing profits? Hint: -b+ +/12-480 2a Part (c): What are the total profits earned in the almond industry? Part (d): If the firm's long-run cost function is TO (g) = 29 - 2g + 6g. where the MO = q2 - 49 + 6, what is the long-run equilibrium price in the almond industry