Suppose there is a perfectly competitive industry where all the firms are identical with identical cost curves. Furthermore, suppose that a representative firm's total cost is given by the equation TC = 500 +q2 +4q where q is the quantity of output produced by the firm. The price of the output set by the market is $10. What is firm's fixed cost and variable cost? What is firm's average fixed costs, average variable cost and average total cost? ii. What is the firm's profit maximizing level of production, total revenue, total cost and profit? iii. Suppose there are 100 such firms in the market, what is the total market output of this market?