Management has estimated a competitive industry's demand function to be:
Q= 4,500 - 25P
There are 90 identical profit-maximizing, price taker firms in the industry, each with an average variable cost curve of Ave = $8 +$0.75Q and fixed costs of $600 per hour. Q is the output per hour for the firm.
Find the supply function, its market clearing price, the profit maximizing output of the typical firm, and its hourly profit.