10. Proft maximization using total cost and total revenue curves Suppose Iyana operates a handicraft pop-up retail shop that sells cardigans. Assume a perfectly competitive market structure for candigans with a market price equal to $20 per cardigan. The following graph shows lyans's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to piot profic for cardigans for quanbtins are thrin seven (including zero and seven) that lyana produces: setver (inckudirag mero arsit serven) that frane nroducre. Iyana's profit is maximized when they produce a total of Cardigans, At this puantity, the marginal cher of the firal carcigan they arobuis is an amount than the price received for each cardigan they sell. At this point, the marginai cost of produnno one iscre Cardigan (the first cardigan beyond the profit maximizing quantity) is an amount than the price fecorved for twh cardrgan they sell. Therefore, Tyana's profit-fmaximizing quantity occurs at the point of intersection between the curves. Because Iyana is a price taker, the previous condition is equivilent to