The aggregate demand for electric cars is QD(p) = 150 − p, where p is in thousand dollars. Assume a perfectly competitive market where all firms and potential entrants face a total cost TC(q) = 125 5q^2. Suppose all fixed costs are sunk. (a.) Find the free entry equilibrium quantity, price and number of firms. (b.) Write the aggregate supply equation in the free entry equilibrium. (c.) Compute consumer surplus, producer surplus and total welfare in the free entry equilibrium (d.) What is each firm’s producer surplus in equilibrium? (e.) Suppose aggregate demand decreases to QD(p) = 100 − p. Repeat parts (a.), (b.) and (c.).