Assume the following inverted demand function of a firm in the short run: P(x) = 43 - .32x

Derive the MR function from this demand function.

The TC function is: TC (x) = 2500 + 3x + .08x²

which yields the MC function as MC(x) = 3 +.16x

(a). What is the equilibrium price? What is the equilibrium quantity. (Show your work)

(b). What is the short run profit or loss of this firm? (Show your work).

(Refer to page 342, #9 and Live Session 3 discussions to answer the above question)