Problem 1 (40 points) Jacob decides to open a new ready-to-wear skirts brand. While making his study he noticed that his fixed cost of production is 175 dollars. The following table gives the other information: Quantity of Variable cost Fixed cost Total cost Total Profit skirts revenue 0 0 50 70 100 160 150 210 200 230 250 450 a) What is the total cost of this production for each level of output level? Show your steps and fill in the table. (15 points) b) The market price of skirts is 4 dollars. Find the profit of each output level in the table. Show your steps and fill in the table. (15 points) c) At which level of output would Jacob be maximizing the profit? Explain your answer (10 points)