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3. (20 marks) In the competitive market for widgets there are 125 identical consumers. Each individual consumer has the following demand function for widgets: P GDlPl=5E where 9'9 is the quantity an individual consumes and P is the widgets price. This problem will look at a cost function that will depend on when production takes place. Suppose each individual rm has the following cost. function: '12 C(q)=F+q+3 where C(q) is the cost to the rm of producing q units of the good. Use the information about to answer the following questions: (a) (h) (C) (d) (1 mark) \"Fliat is the market demand curve here? (3 marks) Suppose there are 2-5 rms in the market. what is the market supply curve'.' Why does the value of F not. matter to determine the market. supply curve? (4 marks) Using you answer from parts (a) and (b), what. is the equilibrium quantity (2* and market clearing price P"' for this market? What is consumer surplus and producer surplus? (6 marks) Suppose the government implements a. tax of T = $1.50 per widget sold on the suppliers of the good. Explain what happens to the quantity sold in the market as well as the priee(s). What is the deadweight loss? How much revenue does the government earn? 'What value of F ensures the rms earn 0 prots here? (6 marks) Ignore the tax from the part (d). Instead of the suppl},r curve found in part (b), what is the producer surplus when there are 50 rms in the market? What is the producer surplus when there are 175 firms