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Augment the competitive market firm's optimization problem to allow the price of the product to decrease with the quantity of output produced, so p =

Augment the competitive market firm's optimization problem to allow the price of the product to decrease with the quantity of output produced, so p = p(q) and p(q) < 0. Write the firm's profit function and optimization problem. 2. Derive the condition: M Rq = p(1 1 )

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