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3. Profit maximization using total cost and total revenue curves Suppose Jayden operates a handicraft pop-up retail shop that selis cardigans. Assume a perfectly competitive market structure for cardigans whth a market price equal to $20 per cardigan. The follawing graph shows Jayden's total cost curve: Use the blue points (circle symbov) to plot total revende and the green points (triangle symboi) to plot profit for caraigans for quaneites tero through seven (including zero and seven) that Layden produces. Cakulate Jayden's marginal revenue and marginal cost for the first seven cardigans they produce, and piot them on the folloming graph unt the blue points (circle symbol) to plot marginal revenue and the orango points (t(quare symbol) to plot marymal coit at each quantity? Jayden's profit is maximized when they produce a total of cardigans. At this quantity, the margrat cost of the final cardigan they produce is , an amount than the price recelved for each cardigan they sell. At this point, the marginal cost of producing one more cardigan (the first cardigan beyond the profit maximizing quantity) is , an amount than the price recelved for each cordigan F....all thankore. Javden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivelent to