1) On each graph i) draw and label ATC, MC, and MR (you set the price) based on the economic situation noted to the right. ii) Provide a short explanation of industry characteristics for each economic situation. (3x4 marks) Hint: pp. 226-228/PPT CH09 Price Economic profit: TR: $10,00 $8.00 $6.00 $4.00 $2.00 40 80 120 160 200 Q (000) Price Economic loss: TR $10.00 $8.DO $6.00 $4.00 $2.00 40 80 120 160 200 Q (000) Price Breakeven: TR: $10,00 58.00 $6.00 $4.00 $2.00 40 80 120 160 200 Q (000)2) Based on the graph below indicate in the appropriate cell at each price point what area is i) economic profit/break-even/loss and ii) total revenue area. Use the letters to indicate the area. For example, HLDO. (6 marks) Hint: pp. 226-228/PPT CH09 *NOT ALL CELLS WILL HAVE DATA** MC ATC Pa P1 P2 K H P, = MRz Economic Profit P IM IN P. = MR. Breakeven Economic E PO = MRO Loss Total Revenue A C Quantity 3) Beginning at So explain i) what has been happening, ii) what will happen, iii) and what might have caused it in the widget industry based on economic profits, loss, or break-even scenario and iv) what will happen to move it back to So? (6 marks) HINT: pp. 232-233/PPT CH09 Price P- $2.50- Quantity