1. Consider a rm that faces a constant demand function, P : It, where k is a constant. Hence the rm charges the same price no matter the quantity sold. Its goal is to maximize prot. The maximum prot the rm can earn is 260. Its cost function is TC=64+Q2 (a) Solve for the value of k, the constant price charged by the rm. (b) Solve for the quantity, Q, that maximizes prot. Show that it is a maximum. (c) Find the value(s) of Q at which the rm breaks even. ) (d Draw a graph depicting both TC and TR. Label. with numbers2 all the intercepts and the point(s) where the two curves cross. (e) Verify your answer to part (b) by setting M R : MC. Verify that you've found a maximum. (f) Draw a graph with both MR and M C . Label the point(s) where they cross