Question: Please help with this question! Also, please show all work, and provide specific equations, and quantities. Thank you very much! (Please draw graphs also). 3.

Please help with this question! Also, please show all work, and provide specific equations, and quantities. Thank you very much! (Please draw graphs also).

Please help with this question! Also, please show all work, and provide

3. Assume a competitive industry, with Price =8 and TC=8+q+0.5q2 for each firm. a. Carefully draw this firm's MR and MC curves on the same graph. b. What q maximizes Profit? Calculate this and show it on the graph. c. What is the maximum profit level? d. Will firms enter or exit the industry? Why, briefly? e. At what point will firms stop entering/exiting? Provide a specific firm-level quantity (q). f. What will be the market price when q from part e is reached

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