4 Danny’s Diamond Mines in problem 2 has the following total cost: Quantity produced Total cost (diamonds per day) (euros) 1 1,220 2 1,300 3 1,400 4 1,520 a Calculate the marginal cost of producing each output listed in the table. b Calculate the profit-maximizing output and price. c Calculate economic profit. d Does Danny’s Diamond Mine use resources efficiently? Explain your answer.