At what price will janet reach the equilibrium point


Problem

1. Suppose Janet sells papayas at a perfectly competitive market in Thailand. While her average total cost (ATC) reaches a minimum level of $3, her minimum average variable cost (AVC) is $2.

a. At what price will Janet reach the equilibrium point? Will Janet sell any papayas at that point?

b. Under what circumstances will Janet's shop shut down?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: At what price will janet reach the equilibrium point
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