Suppose a firm faces the following demand for its output q:q=100-10p,where p represents the price it receives per unit sold.Assume this firm marginal cost is MC=4.

1a. Determine the level of output at which this firm maximizes its profit

1b. Determine the price charged at this firm's profit maximizing level of output

2a. Determine the absolute value of the price elasticity of demand at this firm's profit maximizing level of output

2b. Determine the markup over marginal cost, or Lerner Index, at this firm's profit maximizing level of output

Please provide description of how to find these solutions, showing steps and formulas used.