To maximize profit, Ralph should produce Question Blank 1 of 2 choose your answer... bags of trail mix. Hint 1: `How much' to produce is a decision involving a quantity, so marginal analysis should be used. Hint 2: Consider the relationship between price and marginal revenue for a firm in a competitive industry. Then consider adding a line on the provided graph for marginal revenue so that you can more easily use marginal analysis (graphically) to determine the profit maximizing quantity. Given that the market price of trail mix is $5 per bag, use the provided graph to estimate the amount of profit Ralph can earn from producing at the profit maximizing quantity. Ralph's profit is about Question Blank 2 of 2 choose your answer... . Hint 3: Profit can be expressed in terms of average cost (AC), which is especially useful when working with a graph as we are in this question. In words: profit is equal to the average profit per unit produced and sold (P - AC), times the number of units produced and sold (Q). Equation: profit=(P-AC)x