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.