Suppose you are given the following information about a perfectly competitive firm. The firm is operating in the market and producing its profit-maximizing output in the short run. The firm's total revenue (TR) is $9,500,000; its total costs (TC) are $15, 250,000; and its total variable costs are $8,000,000.

2. Let economic profit be defined as total revenue minus total cost. That is, = TR - TC. Using diagrams, illustrate the following: (i) > 0 (ii) = 0 (iii) < 0 Label each diagram completely. You must draw three diagrams as directed above.