p 3 E '9 E1 E ' w " Page Layout 1) The market demand for a commodity has been estimated as: P=15-1OQ, Where P is price and Q is rate of sales The market supply is expressed as: P = 5 + 0.050. A typical firm in this market has a total cost function given as: C=100-20q+2q2 a. Determine the equilibrium market output rate and price. b. Determine the optimal output for a typical (PROFIT MAXIMIZING) firm. c. Determine the rate of profit (or loss) earned by the typical firm