Thank you !!

You are the owner/manager of a small competitive firm that manufactures house paints. You and all your 1,000 competitors have total cost curves given by TC = 24 + 60+ 602; and the industry is in long-run equilibrium. Now you are approached by an inventor who holds a patent on a process that will reduce your costs by 20% at each level of output. Instructions: Round your answer to the nearest penny (2 decimal places). a. What is the most you would be willing to pay for the exclusive right to use this invention