(End of your answer to Question 3) Question 4 (Total: 10 marks) Table 4 below shows the production of good X by a particular rm. Suppose that the wage rate of labour is $12 per hour, and that the cost of each machine is $20 per day regardless of the quantity of good X produced. Table 4 Quantity of Quantity of Quantity of good X workers machines oroduced er hour Suppose that the firm operates for 8 hours per day. a) Calculate the rm's total cost per day if it produces good X at a rate of 70 units per hour. Show your working and briey explain your reasoning. (3 marks) b) Calculate the marginal cost of increasing the quantity of good X produced from 35 units per hour to 55 units per hour. Show your working and briey explain your reasoning. (3 marks) c) Suppose that the price of good X is currently $0.80 per unit. If this rm is operating in a perfectly competitive market, what is its prot-maximising output level per day? You may provide your answer as a range of quantity of good X. Show your working and briey explain your reasoning. (4 marks) (: You should extend Table 4 yourself to include additional columns to facilitate your calculation). ( T ype-write your answer to Question 4 below this line)