2. Consider a competitive market in which the market demand for the pro duct is expressed as 192752122, and the market supply of the product is expressed as P:25+Q. Price, P, is in dollars per unit sold, and Q represents rate of sales in hundreds of units per day. The typical rm in this market has a marginal cost of M0 = 25 + 10:}. a. Determine the equilibrium market price, P, and rate of sales, Q. How much does a. typical rm produce, q? b. If the market demand were to increase to P : 100 2Q, what would the new price and rate of sales in the market be? What would the new rate of sales, q, for the typical rm be? Could this be an equilibrium in the long run