3. Consider the following table showing various revenue concepts for Dairy Treat Inc., a perfectly competitive rm that sells milk by the litre. Suppose the rm faces a constant market price of $2 per litre. Total Average Marginal Price (P) Quantity Revenue Revenue Revenue ( ) a) Compute total revenue, and average revenue at each level of output and marginal revenue between successive levels of output and complete the table.(1.5 marks) b) Explain why, for a perfectly competitive rm , AR=MR= p.(1 mark) 0) Explain what would happen if this rm tried to charge a higher price for its milk. (1 mark) d) Explain Why this rm has no incentive to lower the price for its product.(l mark)