Question: Suppose that a firm has a total cost function given by TO (q)= q' + q + 20 a) If the firm maximizes profit in

Suppose that a firm has a total cost function given by TO (q)= q' + q + 20 a) If the firm maximizes profit in a perfectly competitive market, how much will it produce when p = 50? b) Calculate the difference in profits for this firm if price increases from p = 50 to, p = 55? c) Using Envelope theorem, enter an expression for the change in profit due to change in price (p)

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