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Perfectly competive market

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Reference no: EM131159514

Suppose Janet sells papayas at a perfectly competive market in Tailand. While her average total caost reaches a minimum level of 43 her minimum average variable cost is $2.

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

b) Under what circumstance will Janet's shop shut down?

Reference no: EM131159514

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