Suppose Veronica Sells Teapots in the Perfectly Competitive Teapot Market

Essay

Suppose Veronica sells teapots in the perfectly competitive teapot market.Her output per day and her costs are as follows:
Suppose the current equilibrium price in the teapot market is $20.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).