3. The graph shows Apple's cost and revenue curves in the market for smartphones in the short run. In the long run, Samsung and others bring their own smart phones to the market. Demand decreases for the iPhone, and the new quantity of iPhones produced is 1.5 million a year. Draw Apple's demand curve in the long run. Label it. Draw Apple's marginal revenue curve in the long run. Label it. Draw a point at the prot-maximizing output and price. Price and cost (dollars per iPhone) + 500- 450 400- MC 350- ATC 300- 250- 200- 150- 100- 50- MR TD 4 Quantity (millions of iPhones per year) >>> Draw only the objects specified in the