Question#4 (10 marks) The following data refers to the revenue and costs (in million rupees) of a firm. Output (units) 0 1 2 3 4 5 6 7 8 Total revenue - 0 50 100 150 200 250 300 350 400 Total costs 110 140 162 175 180 185 194 219 269 (a) Briefly explain the concept of fixed costs with reference to the above data. (02) (b) Determine the marginal revenue at each level of output and interpret the results. (04) (c) What level of output will the firm aim to produce and what would be the amount of profit that the firm will make at this level? (04)