In June 2014, the international price of crude oil was about \$114 per barrel (Brent benchmark). Three years later, it was about \(\$ 47\) per barrel. This dramatic price reduction caused petroleum companies to write down the value of their high-cost Canadian oil sands reserves and some companies to sell off their oil sands assets. Regardless, oil sands production has continued to grow. If the price at which a competitive oil sands mine becomes uneconomic is \(\$ 60\) per barrel but the mine continues to produce, use a diagram to show what this implies about the firm's short-run cost curves. Also use your diagram to indicate what the firm's profit was in June 2014 and June 2017.