4. The market demand for a type of carpet known as KP-7 has been estimated as:
P=40-0.25Q.
Where P is price ($/yard) and Q is rate of sales (hundreds of yards per month). The market supply is expressed as:
P=5.0+0.05Q.
A typical firm in this market has a total cost function given as: C=100-20.0q+2.0q²
a. Determine the equilibrium market output rate and price.
b. Determine the output rate for a typical firm.
c. Determine the rate of profit (or loss) earned by the typical firm.​