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3. Profit maximization using total cost and total revenue curves Suppose Jayden operates a handicraft pop-up retail shop that sells rompers. Assume a perfectly competitive market structure for rompers with a market price equal to $20 per romper. The following graph shows Jayden's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for rompers for quantities zero through seven (including zero and seven) that Jayden produces. Calculate Jayden's marginal revenue and marginal cost for the first seven rompers they produce, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. Jayden's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is , an amount than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is , an amount than the price received for each romper they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivalent to Jayden's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is , an amount than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyonc, maximizing quantity) is, an amount than the price received for each romper they sell. Therefore, Jayden's prof ing quantity occurs at the point of intersection between the curves. Because Jayden is a pric e previous condition is equivalent to Jayden's profit is maximized when they produce a total of the marginal cost of the final romper they produce is , an amount than the price received for each romper they point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is, an amount than the price received for each romper they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the - curves. Because Jayden is a price taker, the previous condition is equivalent to Jayden's profit is maximized when they produce a total of rompers. At this quantity, zy produce is , an amount than the price received for each romper they sell. At this ine more romper (the first romper beyond the profit maximizing quantity) is , an amount ser they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivalent to Jayden's profit is maximized when they produce a total of ror larginal cost of the final romper they produce is , an amount than the price received for each it, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is an the price received for each romper they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of ir curves. Because Jayden is a price taker, the previous condition is equivalent to 3. Profit maximization using total cost and total revenue curves Suppose Jayden operates a handicraft pop-up retail shop that sells rompers. Assume a perfectly competitive market structure for rompers with a market price equal to $20 per romper. The following graph shows Jayden's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for rompers for quantities zero through seven (including zero and seven) that Jayden produces. Calculate Jayden's marginal revenue and marginal cost for the first seven rompers they produce, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. Jayden's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is , an amount than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is , an amount than the price received for each romper they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivalent to Jayden's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is , an amount than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyonc, maximizing quantity) is, an amount than the price received for each romper they sell. Therefore, Jayden's prof ing quantity occurs at the point of intersection between the curves. Because Jayden is a pric e previous condition is equivalent to Jayden's profit is maximized when they produce a total of the marginal cost of the final romper they produce is , an amount than the price received for each romper they point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is, an amount than the price received for each romper they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the - curves. Because Jayden is a price taker, the previous condition is equivalent to Jayden's profit is maximized when they produce a total of rompers. At this quantity, zy produce is , an amount than the price received for each romper they sell. At this ine more romper (the first romper beyond the profit maximizing quantity) is , an amount ser they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivalent to Jayden's profit is maximized when they produce a total of ror larginal cost of the final romper they produce is , an amount than the price received for each it, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is an the price received for each romper they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of ir curves. Because Jayden is a price taker, the previous condition is equivalent to