nu the profit maximizing output produced and sold in market #1 and market #2. (b2)Determine the price charged in market #1 and in market #2. (b3)What is the price elasticity of demand in market #1 and in market #2? (b4) Do you observe any connection between the price elasticities in both markets and the relative prices charged in each market? Briefly explain your observation. (2) The table below has information about the revenue and cost behavior of a firm. Q 0 1 2 3 4 5 6 7 8 9 10 11 12 P 60 60 60 60 60 60 60 60 60 60 60 60 60 TC 128 184 218 236 244 248 254 268 296 344 418 524 668 MC* 69 44 25 12 5 4 9 20 37 60 89 124 165 Note: MC* is derived from the marginal cost function and not from the TC data in row three above. (a) In which product market is this firm operating? How do you know? (b) Find the output that maximizes the firm's profit.[ show your operations] (c) Do you expect the firm to produce the output in part (b)? Why or why not? (d) At what price will this firm shutdown? (e)What is the firm's fixed cost? Explain your reasoning