Examine the graph below and answer the questions that follow. DO NOT redraw the graph. Average costs R50 R40 R30 R20 R10 0 2 3 A 4 M B 5 -F G H 1. Give the names for curves A, B and C. (3 marks) 2. Which curves are represented by lines D, F, G and H? (2 marks) 3. How and where are the positions of the curves in question 2 set? (1 mark) 4. Identify the producer's equilibrium point if the market price was R40. What kind of profit / loss would the producer make? How do you know? (2 marks) 5. If the market price was R30, how many items should be produced and what kind of profit / loss will the producer make? How do you know? (2 marks) 6. Identify the firm's shut down point. Explain why you have chosen that point. (2 marks) 7. Explain the significance of the vertical distance between points J and R. (1 mark) 8. If the market price was R40 and the producer decided to produce at point M, what kind of profit / loss would the firm make and why? (2 marks)