1. A firm's total cost schedule and the demand for its product are summarized in the table below. Revenues Quantity Produced 0 units 1 2 3 4 5 6 Costs Total Marginal Cost Cost $0 70 142 217 297 385 485 603 Quantity Demanded 0 units 1 2 3 4 Price $155 per unit 150 145 140 135 130 125 120 Total Revenue Marginal Revenue (1) Complete the table and use the equimarginal principle to determine the level of output that maximizes the firm's profit. Also determine the price charged by the firm and its maximum profit level. (ii) What would happen to your answers from part (i) if the firm's total costs rose by $40? (iii) What would happen to your answers from part (i) if its costs rose by $40 per unit produced?

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