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 $20 32 37 48 61 5 75 6 92 7 113 8 136 Suppose the current equilibrium price in the teapot market is $15. Draw a graph to illustrate the answers to the following questions. 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) 0 1 2 3 4
