Please check/fix my answers and complete the problem. For the first graph, the orange line was already there. Thank you! 3. Profit maximization using total cost and total revenue curvesSuppose Amari operates a handicraft pop-up retail shop that sells cardigans. Assume a perfectly competitive market structure for cardigans with amarket price equal to $20 per cardigan.The following graph shows Amari's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for cardigans for quantities zero throughseven (including zero and seven) that Amari produces.TOTAL COST AND REVENUE (Dollars)2001751501251007525-25☐O0■OA120OO435QUANTITY (Cardigans)O6Total Cost☐A78Total RevenueProfit(? QCOSTS AND REVENUE (Dollars per cardigan)4035Calculate Amari's marginal revenue and marginal cost for the first seven cardigans they produce, and plot them on the following graph. Use the bluepoints (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.(?)3025201510500M1235QUANTITY (Cardigans)4Screen Shot 2023-02-21 at 8.16.49 PM ✓678Marginal Revenue-OaMarginal CostQ SearchAmari's profit is maximized when they produce a total of, an amountcardigans. At this quantity, the marginal cost of the final cardigan they produce is$than the price received for each cardigan they sell. At this point, the marginal cost of producing one morecardigan (the first cardigan beyond the profit maximizing quantity) is $ , an amountthan the price received for each cardiganthey sell. Therefore, Amari's profit-maximizing quantity occurs at the point of intersection between thecurves. Because Amari is a price taker, the previous condition is equivalent toOOCOOQ +Amari's profit is maximized when they produce a total ofcardigans. At this quantity, the marginal cost of the final cardigan they produce is$ , an amountthan the price received for each cardigan they sell. At this point, the marginal cost of producing one morecardigan (the first cardigthe profit maximizing quantity) is $, an amountthan the price received for each cardiganthey sell. Therefore, Am greater-maximizing quantity occurs at the point of intersection between thecurves. Because Amari is a price taker, the previous condition is equivalent toOQQQ1lessQ1+total cost and total revenuetotal cost and profittotal cost and marginal revenuetotal revenue and profitmarginal cost and marginal revenueMScreen Shot 2023-02-21 at 8.17.07 PM ✓A ^Amari's profit is maximized when they produce a total ofcardigans. At this quantity,$ , an amountthan the price received for each cardigan they sell. At tcardigan (the first cardigan beyond the profit maximizing quantity) is $ , an amountthey sell. Therefore, Amari's profit-maximizing quantity occurs at the point of intersection between thecurves. Because Amari is a price taker, the previous condition is equivalent toScreen Shot 2023-02-21 at 8.17.15 PM ✓^QUANTITY (Cardigans)5rdigans)6a7greaterScreen Shot 2023-02-21 at 8.17.22 PM ✓(₁)8lessQ Searchinal cost of the final cardigan they produce isthe marginal cost of producing one morethan the price received for each cardiganproduce a total ofcardigans. At this quantity, the marginal cost of the final cardigan they produce ishan the price received for each cardigan they sell. At this point, the marginal cost of producing one moreprofit maximizing quantity) is Sthan the price received for each cardiganmarginal cost and total revenuemizing quantity occurs at the point of intersection between thecurves. Because Amari is a price taker, the previous condition is equivalent to, an amountScreen Shot 2023-02-21 at 8.17.28 PM ✓@Q SearchQ SearchAmari's profit is maximized when they produce a total of cardigans. At this quantity, the marginal cost of the final c$, an amountthan the price received for each cardigan they sell. At this point, the marginal cost of pcardigan (the first cardigan beyond the profit maximizing quantity) is $, an amountthan the price recthey sell. Therefore, Amari's profit-maximizing quantity occurs at the point of intersection between thecurves. Because Amari is a price taker, the previous condition is equivalent toQ SearchTC = TRProfit TR-TCProfit MR-MCMC = TRP = MC

Marginal revenue refers to the additional revenue gained by the producer by selling one additional…

3. Profit maximization using total cost and total revenue curves Suppose Amari operates a handicraft pop-up retail shop that sells cardigans. Assume a perfectly competitive market structure for cardigans with a market price equal to $20 per cardigan. 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 cardigans for quantities zero through seven (including zero and seven) that Amari produces. ?

3. Profit maximization using total cost and total revenue curves Suppose Amari operates a handicraft pop-up retail shop that sells cardigans. Assume a perfectly competitive market structure for cardigans with a market price equal to $20 per cardigan. 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 cardigans for quantities zero through seven (including zero and seven) that Amari produces. ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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