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Cost Function and Expected Market Price

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Please assist with this problem:

You own a small firm that manufactures and sells a standardized product in a marketplace that closely resembles perfect competition. You have estimated your total cost function at C(Q) = Q + 3Q2, and your marginal cost function as MC = 1 + 6Q. In trying to plan for the upcoming year, you estimate there is a 75 percent chance the market price will be $100 and a 25% chance it will be $120.

My questions are:
- Calculate the expected market price. Show calculations please.
- How many units should you produce to maximize expected profits? Again, please step me through this.
- What is your expected profit or loss? Again, show work.

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This solution shows the calculations for expected market price, quantity and expected profit in a brief, concise manner.

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