Lauren grows grapes. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in the figure to the right.

Assume the market for grapes is perfectly competitive and that the market price is $2.00 per crate.

Characterize Lauren's economic profits. Assume she produces such that she maximizes profits in the short run.

Using the rectangle drawing tool, shade in Lauren's economic profits. Attach the correct label to indicate whether she is earning a profit (Profit) or incurring a loss (Loss).

Score: 0 of 2 pts 16 of 28 (24 complete) HW Score: 8 Concept: Profit Graph 4 Lauren grows grapes. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in the figure to the right. 12.00 Assume the market for grapes is perfectly competitive and that the market price is $2.00 per crate. 11,00 Characterize Lauren's economic profits. Assume she produces such that she maximizes profits in the short run. MC Using the rectangle drawing tool, shade in Lauren's economic profits. Attach the correct label to indicate whether she is earning a profit (Profit) or incurring a loss (Loss) ATC Carefully follow the instructions above, and only draw the required object. Price ($ per crate) AVC 1.00 0,00- Quantity (crates) (0,2)