Item 3: Below, you are given the total revenue and total cost associated with producing and selling different quantities of a good. You will use this information to identify the marginal revenue and marginal cost associated with producing different quantities of the good and the profit associated with each quantity. Lastly, you will identify a rule for maximizing profit. Scott's Sundaes is an ice cream shop, famous for its root beer floats. Scott's Sundaes is the only ice cream shop in town. The table below provides the total revenue and total cost associated with selling different quantities of root beer floats. Price of Quants Total Marginal Total Marginal Profit floats of floats revenue revenue cost Cost $7.50 $5 0 $7.00 $6 1 $6.50 2 $8 I $6.00 $11 3 $5.50 $15 4 $5.00 $20 $4.50 $26 6 $33 $4.00 7 Part 1: In the table above, calculate the total revenue and marginal revenue associated with each quantity of root beer floats. Part 2: In the table above, calculate the marginal cost and profit associated with each quantity of root beer floats Part 3: What is the value of the marginal revenue at the profit maximizing quantity? Part 4: What is the marginal cost at the profit maximizing quantity? Part 5: How many floats should Scott's sell if the ice cream shop wants to maximize its profits? Part 6: What price should Scott charge if the ice cream shop wants to maximize its profits? Part 7: If the ice cream shop was a competitive firm, approximately what quantity would Scott be willing to supply at the price of Part 6? I Part 8: Complete the statement below. In a monopolistic market, the quantities supplied of a good are always (greater than, less than) the quantities that would be supplied in a competitive market