(9pts) Calculate profit for a single perfectly competitive firm in this market. a. (2pts) Given the equilibrium market price found in question 6, use the profit- maximizing rules to determine the optimal level of output for the individual firm to produce (q'). Show work. b. (1pt) Calculate the total revenue that this firm earns from selling (21". c. (2pts) Calculate the total cost that this firm incurs by producing q'\". Recall your cost functions found in part 1 of the case study. How much of this cost is fixed cost and how much is variable cost? 1. (1pt) Calculate this firm's profit from producing and selling q'\