3. Profit maximization using total cost and total revenue curves Suppose Iyana 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 Iyana's total cost curve. Use the bive points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for phone cases for quantities zero through seven (inciuding zero and seven) that Iyana produces. Calculate Iyana's marginal revenue and marginal cost for the first seven phone cases they produce, and plot them on the following graph. Use the biue points (circle symbol) to plot marginai revenue and the orange points (square symbol) to plot margina/ cost at each quantity. Iyana's profit is maximized when they produce a total of phone cases. At this quantity, th cost of the final phone case they produce is , an amount than the price received for each phone case they sell. At th of producing one more phone case (the first phone case beyond the profit maximizing quantity) is, an amount than price received for each phone case they sell. Therefore, Iyana's profit-maximizing quantity occurs at the point of intersection between the curves. Because Iyana is a price taker, the previous condition is equivalent to