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1. The following table depicts the prices and total costs faced by a local used bookstore. The bookstore competes with a number of other bookstores, and therefore operates in a competitive (you will need to determine if it is purely competitive or monopolistically competitive) marketplace. Total Product tTPl Wiper Book Total Costs 0 $5.00 $ 1.50 l 4.75 4.00 2 4.50 6.00 3 4.25 7.50 4 4.00 9.50 5 3.75 12.50 6 3.50 16.00 7 3.00 21.00 8 2.50 28.00 a. Calculate the store's total revenue, marginal revenue, average total cost, and marginal cost at each total product (TP) level. b. What is the prot-maximizing level of total product for the bookstore? How much prot is being earned at this total product level? (3.13 this rm a purely competitive rm or a monopolistically competitive rm? Explain. d. At each total product level, state whether the demand is elastic, unit elastic, or inelastic. c. How does the elasticity value relate to the marginal revenue values? f. Would the rm produce when the demand is elastic? Explain why or why not. g. Would the rm produce when the demand is unit elastic? Explain why or why not. 11. Would the rm produce when the demand is inelastic? Explain why or why not. i. Graphically represent this short-run situation by plotting demand, marginal revenue, marginal cost, and average total cost on the same graph. On your graph, make sure to show the prot maximizing quantity and price as well as the prot or loss area. j. Given your results from parts a and b, explain what will happen to the demand and costs for this bookstore as it transitions into the long run