Part III: ACDC Econ Video - watch https://www.youtube.com/watch?v=Zge 719WzAQ 11. Label the following graph with the following: MC, ATC, MRDARP: Price MC ATC P D AR-MR Quantity . According to ACDC, what does MR DARP stand for? According to the graph above, is the company making a profit, breaking even, or a loss? How do you know? What happens if the ATC is below the MR line? Draw what this would look like. . What happens if the ATC is above the MR line? Draw what this would look like.Determining Shut Down 0 Sometimes firms should produce even if price falls below minimum ATE. Why? Your minimum AW: will determine if'y'ClU should continue to produce or shut down. i If marl-czet price is Ioelow minimum AVE firms should i If market price is greater than or equal to minimum mo firms should Part IV : Practice The graph below shows cost curves for a firm operating in a perfectly competitive market. 20+ 103 Price of Bags Quantity of Bags Suppose that the equilibrium price is $14.19 (black line). This firm is earning OZero Economic Profits (Break-even point) O Profits LossesThe graph below shows cost curves for a firm operating in a perfectly competitive market. Price of Apples 10 Onentity of Apples a Suppose that the equilibrium price is $17.66 (black line). This firm is earning Losses Profits OZero Economic Profits (Break-even point)The graph below shows cost curves for a firm operating in a perfectly competitive market. 20+ 101 Price of Avocados Omniity of Avocados Suppose that the equilibrium price is $10.19 (black line). This firm is earning Profits Losses O Zero Economic Profits (Break-even point)