11. Chapter 8: Suppose that a competitive firm has the following Total Cost function: TC = 450 + 15q + 2q2. The Marginal Cost is: MC = 15 + 4q. If the market price P = 115 per unit, explain and find: (i) (2 points) The optimal level of production to maximize its profits, its profit value and its producer surplus. (ii) (1 point) How much would the firm produce if the market price went down to P = 15? Why? (iii) (2 points) In the long run, the total level of production (=Q) by all identical firms is 1500. How many firms are in the market