1. The table below shows the total costs of an individual firm in a competitive market. It can sell its output at $5 per unit. a. Complete the table. [5 points] b. How would you use the marginal principle to determine the quantity that each firm should produce to maximize profit. Verify that profit is indeed maximized at that quantity. {5 points) c. Suppose the fixed costs of an individual firm are now $10. Reproduce the table above. Does this affect (ii the quantity the firm should produce to maximize profit in the short run, and (ii) the level of profit the firm earns in the short run? Explain. {5 points) d. Suppose the fixed costs continue being $10. Predict whether the number of firms in the market, the market price of the good, and the quantity produced by each firm, will change in the long run. Explain. (5 points)