The demand and supply of product A is as follows: QD = 1600 - 30PQS = 1400 + 70P If the government decides to subsidize s = 0.5/unit. What is the new price and quantity of product A? Select one: O a. P = 1.65, Q = 1540 O b. P = 1.65, Q = 1550.5 O c. P = 2.15, Q = 1550.5 O d. P = 2.15, Q = 1540 The total cost function of a competitive firm is as follow: TC = Q2 + 2Q+ 121. If price of the product produced by this firm is 40, calculate the profit-maximized quantity and firm's profit. Select one: O a. Q = 20, Pr = 120 O b. Q = 19, Pr = 240 O c. Q = 20, Pr = 239 O d. Q = 19, Pr = 120