The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of 16. Price Quantity Demanded 64 1 56 2 48 3 40 4 32 5 24 6 16 7 8 8 O 9 2 1. Calculate the following: the firm's total revenue, the firm's total profit, the firm's marginal revenue, and the firm's marginal profit for each quantity. What is the profit maximizing choice of output? What is the price and profit at that point? 2. Now suppose the firm is no longer a monopolist and instead is operating in a perfectly competitive market, but faces the same market demand described in the table. What is the equilibrium price and quantity in this market? How much profit does the firm earn in this scenario? 3. Calculate the following: the consumer surplus, producer surplus, and deadweight loss for part 1 and for part 2. Hint: calculate the surpluses for each quantity in the table, and then add them up. Which market outcome does the firm prefer? Which market outcome do consumers prefer