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1) The market demand for a commodity has been estimated as: P = 15 - 100, Where P is price and Q is rate of

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1) The market demand for a commodity has been estimated as: P = 15 - 100, Where P is price and Q is rate of sales The market supply is expressed as: P= 5 +0.05Q. A typical firm in this market has a total cost function given as: C = 100 - 20q + 2q? a. Determine the equilibrium market output rate and price. b. Determine the optimal output for a typical (PROFIT MAXIMIZING) firm. c. Determine the rate of profit (or loss) earned by the typical firm

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