3. Profit maximization using total cost and total revenue curves Suppose Oharles runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Charles's total cost curve. Use the blue points (circie symbol) to plot total revenue and the green points (triangle symboi) to plot profit for frying pans quantities zero througHh seven (inclusive) that Charles produces Total Revenus Tatai Cast Prafit 0 1 2345 6 78 QUANTITY (Frying pan) Caiculate Charles's marginal revenue and marginal cost for the first seven frying pans he produces, and plot them on the following graph. Use the bue points (circle symbot) to plat marginal revenue and the orange points (square symbol) to piot marginal cost at each untity. Marginal Revenue Marginal Cost QUANTITY (Frying pans
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