[quote][/quote]After conducting market research for a new pencil product, ABC Company believes that the demand for this new product is given by the equation q = 345 - 0.5p. Where q is the quantity sold (measured in hundreds of pencils) and p is the price of 100 pencils.

The company also believes that the variable costs for 100 pencils are 5q-10 and the fixed costs for all production are $3,000.

(a) Determine income based on quantity q.

(b) Determine the profit of the business based on q.