DRAW and EXPLAIN the graph illustrates your answer. Your graph should be clearly labeled and should include Angela's ATC, AVC, MC, MR demand curves, the price she is charging, the quantity she is producing and the area representing her profit (loss)

Objectives This assessment item relates to course learning outcomes 2 and 3 as listed in the Unit Profile. Q1. Market Structures: Chapter 7 Perfect Competition (7 marks) Refer to solved problem 7.1 in this chapter for understanding the calculations. Assume that Angela sells hot dogs in a perfectly competitive hot dog market. Her output per day and costs are outlined in the following Table-1. Table 1 Output $ Total $ ATC $ AVC Marginal Marginal per day cost (TC) cost Revenue (MC) $ (MR) $ $1.00 1 2.50 3.50 4.20 4.50 5.20 6.80 8.70 10.70 13.00 (a) Complete Table-1 columns for Average Total Cost (ATC). Average Variable Cost