Table 1 The following table presents cost and revenue information for a firm operating in a competitive industry. 1. What is the total revenue from selling 7 units? 2. What is the total revenue from selling 4 units? 3. What is the average revenue when 4 units are sold? What is the average revenue when 5 units are sold? Explain why calculations are not entirely necessary for this question. 4. What is the marginal revenue from selling the 3rd unit? What is the marginal cost of selling the 3rd unit? Should the firm increase or decrease production? Explain your answer. 5. What is the profit-maximizing quantity for the competitive firm? Calculate marginal revenue and marginal cost at the profit-maximizing quantity. Explain your