I am confused on how to approach the problem- any help would be greatly appreciated

Question 4: Cost Curves [20 points] Consider the following graph showing the Variable Cost (VC) and Total Cost (TC) of a rm. TC=VC+F Cost ($) 1' slope=60 VC ' , slope=40 Units 10 12 f Q Draw a new graph that shows the Marginal Cost (MC) curve, Average Total Cost (ATC) and Average Variable Cost (AVC). Label the points (in terms of Q and cost per unit) where the MC curve intersects the ATC and AVC curves. Show in the same graph how much the rm would choose to produce in the short-run when the price is $70. Show graphically the producer surplus and prot of the rm. Show in a new graph how much the rm would choose to produce in the short-run when the price is $50. Show graphically the producer surplus and prot of the rm. How does your response to (b) and (c) change when you consider the long-run instead