I. In the graph below:

a$)$ Illustrate $($draw and label$)$ a set of typical or standard "well$-$behaved" short run $($SR$)$ curves for a firm j$,$ specifically, a marginal cost curve $($MC$),$ an average variable cost curve $($AVC$),$ and an average total cost curve $($ATC$)$ for the firm $j.$

b$)$ Assume that the firm $j$ is perfectly competitive and the market price is $$6.$ Illustrate the firm j$\text{'}$s marginal revenue curve $($MR$)$ and demand curve $(d_j).$ Given your SR cost curves, illustrate and explain firm $j^{\text{'}}$ s profit maximizing level of output and label it as $Q_j^{**}.$

c$)$ Calculate $($approximately$)$ and illustrate the firm's profits at $Q_j^{**},(Q_j^{**}).$ Clearly show your derivations or calculations.

d$)$ Identify and illustrate $($and label$)$ firm j$\text{'}$s shutdown price and calculate $($approximately$)$ firm j$\text{'}$s loss if the market price were to fall below this price.