Assume the following inverted demand function of a firm in the short run: P = 20 - Q. Now assume the total cost function of this firm is: TC = 50 +32Q - 4Q²

^{The Above cost function yields the MC function as 32-8Q}

^{(a) what is the profit maximizing price and output of this firm?}

^{(b) is this firm earning a profit or incurring a loss? what is the amount of short-run profit or loss? Explain fully. Show your work in this space.}