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Question 1: Consider the following - Market Demand: Op = 300-5P Market Supply: Qs = 5P Total Cost: TC = 150+ q2 Marginal Cost: MC = 2q a. Solve for the profit maximizing output the perfectly competitive firm would produce. b. Solve for the maximum profits. c. Solve for the productively efficient output. Question 2: Consider the following - Market Demand: Op = 400 - 2P Market Supply: Qs = 100+ 3P Total Cost: TC = 400 + 3q2 Marginal Cost: MC = 6q a. Solve for the profit maximizing output the perfectly competitive firm would produce. b. Solve for the maximum profits. c. Solve for the productively efficient output.Question 3: Extension - For each of the problems above (number 1 and 2) - what tax or subsidy would have to be imposed to force the firm to produce at the productively efficient output. Support your answer by showing the math