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The cost function of a competitive firm is TC=25+0.01Q^2, and the corresponding marginal cost function is MC=0.02Q.
a) How much would this competitive firm produce and sell when the price of the good is $3?
b) What would be the total profit (total revenues minus total cost) made by the firm if the price of the good is $3?
c) Assuming that there are 50 identical firms in this market, (with the same cost structure), obtain the supply function of the market (industry) algebraically.
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