Frances sells earrings in the perfectly competitive earrings market. Her output per day and her costs are as follows:

Output per day	0	1	2	3	4	5	6	7	8	9
Total cost ($)	1	2.5	3.5	4.2	4.5	5.2	6.8	8.7	10.7	13

If the current equilibrium price in the earrings market is $1.9, how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make? Draw a graph to illustrate your answer. Your graph should be clearly labeled and should include Francess demand, ATC, AVC, MC, and MR curves; the price she is charging; the quantity she is producing; and the area representing her profit (or loss).Suppose the equilibrium price of earrings falls to $0.7. Now how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make? Should Frances shut down? Explain. Draw a graph to illustrate this situation, using the instructions in part a.