Question 1 A bicycleerepair shop charges the competitive market price of $30 per bike repaired. The firm's shortrun total cost is given by 5TC(Q} 302. (a) What quantityr should the firm produce if it wants to maximize profits? (b) Draw the shops total revenue and total cost curves and graph the total profit function on the same diagram. Using your graph, state (approximately) the profitmaximizing quantity