Based on the coffee shop business idea adopted in our discussions these past 7 weeks, please conduct the following:

1. Prepare a table with MC, ATC, AVC and AFC curves. Be sure to INCLUDE NUMBERS IN THE GRAPH. ALSO, PLOT THE CURVES.

2. Explain what each curve means specifically to the business.

3. Explain what happens if you become a Price Taker and how the business is impacted.

4. Explain what happens if the business becomes engaged in monopolistic competition.

NOTE: FOR BOTH PARTS "3" AND "4," YOU NEED TO ILLUSTRATE A PERFECTLY COMPETITIVE AND MONOPOLISTIC COMPETITION MODEL, AND EXPLAIN THOSE MODELS AS THEY PERTAIN TO YOUR BUSINESS.