On a graph for a representative firm in a perfectly competitive industry, depict the three cost curves AVC, ATC, and MC (assume typical U-shaped cost curves). Now assume the market price, P, is such that it intersects the upward sloping portion of MC below AVC. Graphically depict the short-run equilibrium q (representative firm's output) and (representative firm's profit) under this price scenario. Please upload an MS Word, Adobe PDF, or a picture file (JPEG, TIFF, PNG, BMP) with your graph as your response to this question. Please limit your file size to no more than 5 MBs.Given the situation you graphically depicted in Question 8, please state the level of economic profits (positive, zero, negative) of this representative firm and explain why this is the case