Suppose Veronica sells teapots in the perfectly competitive teapot market.Her output per day and her costs are as follows:
$$\begin{array} { | c | c | }
\hline \begin{array} { c }
\text { Output per } \
\text { Day }
\end{array} & \text { Total Cost } \
\hline 0 & \$ 20 \
\hline 1 & 32 \
\hline 2 & 37 \
\hline 3 & 48 \
\hline 4 & 61 \
\hline 5 & 75 \
\hline 6 & 92 \
\hline 7 & 113 \
\hline 8 & 136 \
\hline
\end{array}$$ Suppose the current equilibrium price in the teapot market is $15.To maximise profit,how many teapots will Veronica produce,what price will she charge,and how much profit (or loss)will she make? Draw a graph to illustrate your answer.Your graph should include Veronica's demand,ATC,AVC,MC,and MR curves,the price she is charging,the quantity she is producing,and the area representing her profit (or loss).
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Question

Suppose Veronica sells teapots in the perfectly competitive teapot market.Her output per day and her costs are as follows:
 $$\begin{array} { | c | c | } 
\hline \begin{array} { c } 
\text { Output per } \
\text { Day }
\end{array} & \text { Total Cost } \
\hline 0 & \$ 20 \
\hline 1 & 32 \
\hline 2 & 37 \
\hline 3 & 48 \
\hline 4 & 61 \
\hline 5 & 75 \
\hline 6 & 92 \
\hline 7 & 113 \
\hline 8 & 136 \
\hline
\end{array}$$ Suppose the current equilibrium price in the teapot market is $15.To maximise profit,how many teapots will Veronica produce,what price will she charge,and how much profit (or loss)will she make? Draw a graph to illustrate your answer.Your graph should include Veronica's demand,ATC,AVC,MC,and MR curves,the price she is charging,the quantity she is producing,and the area representing her profit (or loss).
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Quizplus · Accepted Answer

The Answer of Suppose Veronica sells teapots in the perfectly competitive teapot market.Her output per day and her costs are as follows:
 $$\begin{array} { | c | c | } 
\hline \begin{array} { c } 
\text { Output per } \
\text { Day }
\end{array} & \text { Total Cost } \
\hline 0 & \$ 20 \
\hline 1 & 32 \
\hline 2 & 37 \
\hline 3 & 48 \
\hline 4 & 61 \
\hline 5 & 75 \
\hline 6 & 92 \
\hline 7 & 113 \
\hline 8 & 136 \
\hline
\end{array}$$ Suppose the current equilibrium price in the teapot market is $15.To maximise profit,how many teapots will Veronica produce,what price will she charge,and how much profit (or loss)will she make? Draw a graph to illustrate your answer.Your graph should include Veronica's demand,ATC,AVC,MC,and MR curves,the price she is charging,the quantity she is producing,and the area representing her profit (or loss).
__________________________________________________________________________________________________________________________________________________________________________________________

Suppose Veronica Sells Teapots in the Perfectly Competitive Teapot Market