1. Consider a firm with some market power (i.e., the firm can raise its price without losing all of its customers).Please refer to the attached image for further information and data provided to help guide you in answering the following sub-questions.

Quantity Price Total Marginal Total Marginal Profit Work Revenue Revenue Cost Cost Space 0 $560 $0 $1,000 -- ($1,000) $520 $520 $520 $1,020 $20 ($500) 2 $480 $960 $440 $1,080 $60 ($120) 3 $440 $1, 180 4 $400 $1,320 5 $360 $1,500 6 $320 $1,720 7 $280 $1,980 8 $240 $2,280