II .answer the following questions briefly (10 points). Question 1 and 2 based on the following information of hypothetical firm operating in perfect competitive market TC = Q'-21 Q2 + 600Q+1820 P = 600 mc= 3Q--42Q +600 1. What is profit maximizing level of output for above hypothetical firm (3pt)? 2. What is maximum of profit or minimum loss at optimum output level (3pt)? 3. Consider two goods X and Y. When the price of Y changes from 10 to 20. the quanti demanded of X changes from 40 to 35. a) Calculate cross elasticity of demand for X (2pt). b) What type of goods are X and Y (2pt)