Suppose that there are three identical firms in an industry and that each firm's supply curve is given by the equation P = 10 + Q. Furthermore, suppose that the market demand curve is given by P = 100 - Q.
a. What is the market supply curve given the above information? (Hint: you might find it helpful to draw a sketch to guide your work here.)
b. What is the equilibrium price and quantity in this market?
c. Calculate the value of total revenue in this market.