Using the information from the document provided, help answer the following: Last week, you established your explicit and implicit costs. You will use these costs to establish your economic profits for this week. Remember, your economic profit is the difference between the total opportunity cost of production and the total revenue received by a company. As you work through your product, you will be building a case why your product should be produced. This is important to your project because when the market is at a state of equilibrium then the price and quantity is balanced. Remember to remain realistic; at a higher price point the quantity demanded will be higher, thus supply will be higher. A table and chart are provided to help you visualize how price, quantity supplied, and quantity demand affects each other. The chart is set up so you can record your answers directly within it. Remember that this is only to aid in arriving at your answer, you must submit only this Word Document Portfolio Project Template. Return to Lecture 1 for more information on market equilibrium. You can find examples of a demand and supply scheduling chart on the attached chart and in Lecture 1