3. For this question only, X =B and Y = A. Suppose there are X identical firms producing diamonds and that the short-run total cost curve for each firm is given by STC = q2 + wq, where q is the firm's output level and w is the wage rate of diamond cutters. a) If w = Y, how many diamonds will be produced in the industry at a price of $25 each? [1 mark] b) Given w = Y, how many diamonds would be produced in the industry at a price of $26? [1 mark] c) Suppose that the wages of diamond cutters depend on the total quantity of diamonds produced and the form of this relationship is given by w = .003Q, where Q represents total industry output. How many diamonds will be produced in the industry at a price of $25? [1 mark] d) Given w = 0.003Q, how many diamonds will be produced in the industry at a price of $26? [1 mark]