Question: help me solve this step by step with the inverse graph Question 4 (Total Demand, Total Supply). While the fitness industry is known for having

help me solve this step by step with the inverse graph

help me solve this step by step with the inverse Question 4 (Total Demand, Total Supply). While the fitness industry is known for having high start-up (fixed) costs, the market for fitness options is quite saturatedespecially with the rise of boutique fitness studios in many pockets of the country. For this question, we're only interested in determining market demand and market supply in a particular market. Let's focus on the city of Huntsville, Alabama. A representative boutique fitness studio faces marginal cost of MC(Q) = 3Q + 10, where P is in dollars, and Q is the number of hours the studio is open and operational per day. There are 15 such representative boutique fitness studios in Huntsville. Assume these all face the same marginal cost as described above. There are two types of fitness studio-goers: for P = , e Studious type: they have inverse demand for fitness studio given by P = 90 10Q; e Casual type: they have inverse demand for fitness studio given by P = 75 15Q. a. Calculate the market supply function (i.e. find the equation that describes market supply). b. For demonstration, let's study the simplest possible scenario: assume, in Huntsville, there is exactly 1 \"Studious\"-type person and 1 \"Casual\"-type person. Calculate the market demand function (i.e. find the equation that describes market demand). c. Using what you determined in parts a. and b., determine the market-level equilibrium quantity and price. (Note: Your answers will have decimals. Please first calculate the equilibrium price, round that to two decimal places, and then use that to determine the equilibrium quantity.)

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