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3) Perfect Competition: Graph (12 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a firm are shown in the figure to the right. Price a. Scenario 1: Suppose the price is $38. Draw the firm's marginal revenue curve and $50 label it MR1. MC ATC b. Scenario 2: Suppose the price is $20. Draw $40 the firm's marginal revenue curve and label it MR2. $30 c. Scenario 3: Suppose the price is $12. Draw the firm's marginal revenue curve $20 and label it MR2. d. We'll now analyze this firm's short and $10 long-run behavior for each of the three scenarios by completing the table below. 10 20 30 40 50 Feel free to label / draw on the graph to help identify key values. The relationship Quantity between price, ATC, and AVC is key. Scenario / Market Price $38 $20 $12 What is the firm's profit-maximizing output level? Will the firm produce in the short-run? What is the firm's profit- or loss-per- unit? (Use a negative sign for losses and N/A if the firm doesn't produce.) What is the firm's total profit or loss in the short run? Will this firm remain in the industry or exit in the long run