||a. What are firm 1â??s profits if it does not call to change the fee (that is, if it opts for a strategy of maintaining the status quo)? b. How much will firm 1 earn if it convinces the mayor to decrease the medallion fee by $40,000 (F = â?? $40) so that the medallion fee is entirely eliminated? c. How much will firm 1 earn if it convinces the mayor to increase the medallion fee by $300,000 (F = $300)? d. Determine the change in the medallion fee that maximizes firm 1â??s profits. e. Do you think it will be politically feasible for the manager of firm 1 to implement the change in (d)?Explain.