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3. The
graph below shows a firm’s short run average variable cost curve
(SRAVC), its average cost curve (AC), and its marginal cost curve
(MC).

– Label these curves.

– Then on the graph show P1 as the price where
anything below this price the firm should shut down in the short
run.

– Then show P2 where the firm would just
breakeven.

– Show P3 where the firm would be making a
profit.

– Then show the output levels Q2 and Q3
associated with P2 and P3.