Question 1 Consider the total cost and total revenue given in the table below: \"Quantity (unit) | Total Cost (RM) | Total Revenue (RM o | 8 | 0o | 1 9 | @008 @] 2 | w0 | 16 | 3 1 ] g8 @0 4 13 | 032 | 5 [ 19 | @ 40 | 6 | 27 | 48 7 [ 33 | @5 | a. Calculate the profit, marginal revenue and marginal cost for each quantity. How much quantity should the firm produce to maximise profit (Hint: Use the TR = TC approach and MR = MC approach). b. Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? How does this relate to your answer to part (a)? c. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium