1. Consider a profit-maximizing firm which is the only seller in a particular market. The firm's marketing research department has estimated the demand and marginal revenue for your firm's product, and these are described by the following equations: P = 100 - 0.01Q and MR = 100 - 0.02Q. Consider that the firm's cost structure is described by the following equations: MC = 40 + 0.02Q and AVC = 40 + 0.01Q. Furthermore, the firm's only fixed cost is the $24,000 lease payment it has for the fully furnished building it rents