11. Profit maximization using total cost and total revenue curves Suppose Amari operates a handicraft pop-up retail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases with a market price equal to $25 per phone case. The following graph shows Amari's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for phone cases for quantities zero through seven (including zero and seven) that Amari produces. (? Module Five Quiz Calculate Amari's marginal revenue and marginal cost for the first seven phone cases they produce, and plot them on the following graph. Us blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. ? 40 35 Marginal Revenue 30 25 REVENUE (Dollars per phone case) Marginal Cost 20 15 Amari's profit is maximized when they produce a total of phone cases. At this quantity, the marginal cost of the final phone case they produce is $ , an amount than the price received for each phone case they sell. At this point, the marginal cost of producing one more phone case (the first phone case beyond the profit maximizing quantity) is $ , an amount than the price received for each phone case they sell. Therefore, Amari's profit-maximizing quantity occurs at the point of intersection between the curves. Because Amari is a price taker, the previous condition is equivalent to