Assume you are a single seller of mugs and each buyer’s willingness to pay is below. Assume you incur a cost of $5.00 per unit. (i.e., the marginal cost is constant). How many mugs would you need to sell if you intend to maximise profits, how many mugs would this seller supply to the market, and what price would you charge? Remember, the price has to be the same for each unit sold   Buyer Willingness to pay ($) for one mug Bobby 18.00 Jake 16.00 Tara 9.00 Phillip 4.00

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