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Suppose Veronica sells teapots in the perfectly competitive teapot market. Her output per day and he

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Suppose Veronica sells teapots in the perfectly competitive teapot market. Her output per day and he

Suppose Veronica sells teapots in the perfectly competitive teapot market. Her output per day and her costs are as follows:

Output per Day   Total Cost
0     $20
1     32
2     37
3     48
4     61
5     75
6     92
7     113
8     136

Suppose the current equilibrium price in the teapot market is $10. To maximize 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).

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

Read 2377 times

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spriege

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8 years ago

Vincenzo thank you soo much!!! GReatly appreciate it.

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Thomas R.

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Thanks

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Henry W.

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perfect, exactly what i wanted.

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thanks

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