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Tom is a farmer specializing in growing pumpkins. He competes in a perfectly competitive market. For each for the following scenarios, draw and label an

Tom is a farmer specializing in growing pumpkins. He competes in a perfectly competitive market. For each for the following scenarios, draw and label an appropriate graph (including appropriate curves and profit maximizing output)

1) In 2008 Tom earned a profit.

2) In 2009 Tom earned a loss but continued to farm.

3) In 2010 Tom earned a loss and decided to shut down his farm

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