Rubrics: Follow along the steps indicated below Finding the Q, ATC, interpreting, calculating profit or loss (4 points) Shading the profit or loss on the graph (1 points) Active Learning 2: Identifying profit or loss Costs, P MC $8 ATC $5 P = $3 MR Q Determine this firm's profit or loss: Step 1: Provide the value(s) below using the information from the graph above: Value of Q where MR = MC - Value of ATC = Complete the statement(s) using the options provided in the brackets: When P AVC it implies (stop production /continue production) Step 2: Calculate profit or loss and identify if it is a profit or loss: Profit or Loss = [ P-ATC ] x Q Show working: Profit or Loss = Profit / Loss - [Strike off the irrelevant term]