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on 15 Suppose a competitive market is characterized by below cost function as given faced by each firm in the industry. The total d cost and marginal cost functions for the representative firm are given by the following equations: out of TC = 2qs2+ 5qs+ 50 MC - 49s + 5 lestion The market demand for this product is given by the equation P = 1000 - 20 where Q is the market quantity. In addition, you are told that the market supply curve is given by the equation P = 100 + Q. Required: a) What is the equilibrium quantity and price in this market given the information? (Marks 4) b) What is the firm's profit-maximizing level of production, total revenue, total cost and profit at this market equilibrium? 1 A B E