3. The following questions refer to the graph below. It represents a firm operating where MR = $12.00. a. Label all five curves clearly. b. What is this firm's PMLO/LMLO? $12 + 8 units c. Draw and label the demand curve. Same as MR d. What will the firm's revenues be? 12×8=966 e. Illustrate the area of revenue in the graph. Label (f). f. If it incurs a profit, explain what would happen in the long run. If it incurs a loss, advise the firm what it should do? g. Draw a line through any price point that would reflect the firm incurring a loss, but continuing to operate. Label your line (h).) h. Draw a line through any price point that would reflect the firm incurring a profit. Label your line (i). i. Draw a line through any price point that would reflect the firm incurring breaking even. Label your line (j). j. Draw a line through any price point that reflects the firm shutting down. Label your line (k). k. If this firm operates at a price that allows it to break even, is that acceptable or not? Explain. With a letter (m), identify where the firm will operate in the long-run. m. Its profit or loss in the long-run will be: normal profits or breakeven 22 17 12 9 3 + MCATC AVC MR/D 2 4 6 8