Suppose the marginal cost and marginal(revenue (in 000) for a product produced by a company is estimated to be MC = q +35 MR = 560 +224 - Where is the produced and the firm's break-even is 5 units per week You are Required to 1. deternline the total cost and the total revenue function in terms of q. (6 marks) II. stic the data at which profit is maximize (6 marks) #calgulate thonimum profit (3 marks) B. KK lte produas gofids for sale. From xen kjnalysis the management accountant established a demaforunction of the product to be P A0 - 1.5q, where P is the unit selling price and q is the quantity in thousands. The enierprisc has been producing under the cost TC = q2 + 10q+ 150, where TC is the total cost in thousshds of cedis. Required What is the primal pride to maximize profit? (5 marks) I. Determine uke maximum profit and the sale revenue at this point (6 marks) At Wuli quantity does the firm break even? (6 marks) IV. alculite the price elasticity of demand at the point and explain your answer (8 marks) (Total: 40 marks)