Calculate Rian's marginal revenue and marginal cost for the first seven rompers they produce, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. Rian's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is , an amount than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is , an amount than the price received for each romper they sell. Therefore, Rian's profit-maximizing quantity occurs at the point of intersection between the curves. Because Rian is a price taker, the previous condition is equivalent to the marginal cost of the final romper they produce is his point, the marginal cost of producing one more romper than the price received for each romper they sell. curves. Because Rian is a price taker, the previous condition is equivalent to Rian's profit is maximized when they produce a total of , an amount than the price received for each romper they (the first romper beyond the profit maximizing quantity) is, , an amount Therefore, Rian's profit-maximizing quantity occurs at the point of intersection between the Because Rian is a price taker, the previous condition is equivalent to e marginal cost of the final romper they produce is is point, the marginal cost of producing one more romper than the price received for each romper they sell. curves. Rian's profit is maximized when they produce a total of rompers. At this quantity, the marginal cost of the final romper they produce is Rian's profit is maximized when they produce a total of rompers. At this quantity, 1 , an amount than the price received for each romper they sell. At t (the first romper beyond the profit maximizing quantity) is , an amount Therefore, Rian's profit-maximizing quantity occurs at the point of intersection between the Because Rian is a price taker, the previous condition is equivalent to !y produce is j one more romper nper they sell. curves. 3. Profit maximization using total cost and total revenue curves Suppose Rian operates a handicraft pop-up retail shop that sells rompers. Assume a perfectly competitive market structure for rompers with a market price equal to $20 per romper. The following graph shows Rian's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for rompers for quantities zero through seven (including zero and seven) that Rian produces