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).