Questions 1. Consider total cost and total revenue given in the following table: Quantity 0 1 2 3 4 5 6 7 Total cost $8 9 10 11 13 19 27 37 Total revenue $0 8 16 24 32 40 48 56 (a) Calculate marginal revenue and marginal cost for each quantity. How much should the rm produce to maximize prot? (1)) Can you tell whether this rm is in a competitive industry? If so, can you tel] whether the industry is in a long-run equilibrium