Proof.
Assume (1) holds. To show that \mathcal{F} is a sheaf, let \mathcal{U} = \{ U_ i \to U\} _{i = 1, \ldots , n} be a covering of X_{affine, {\acute{e}tale}}. The sheaf condition for \mathcal{F} and \mathcal{U}, by our assumption on \mathcal{F}, reduces to showing that
0 \to \mathcal{F}(U) \to \prod \mathcal{F}(U) \otimes _{\mathcal{O}_ X(U)} \mathcal{O}_ X(U_ i) \to \prod \mathcal{F}(U) \otimes _{\mathcal{O}_ X(U)} \mathcal{O}_ X(U_ i \times _ U U_ j)
is exact. This is true because \mathcal{O}_ X(U) \to \prod \mathcal{O}_ X(U_ i) is faithfully flat (by Descent, Lemma 35.9.1 and the fact that coverings in X_{affine, {\acute{e}tale}} are standard étale coverings) and we may apply Descent, Lemma 35.3.6. Next, we show that \mathcal{F} is quasi-coherent on X_{affine, {\acute{e}tale}}. Namely, for U in X_{affine, {\acute{e}tale}}, set R = \mathcal{O}_ X(U) and choose a presentation
\bigoplus \nolimits _{k \in K} R \longrightarrow \bigoplus \nolimits _{l \in L} R \longrightarrow \mathcal{F}(U) \longrightarrow 0
by free R-modules. By property (1) and the right exactness of tensor product we see that for every morphism U' \to U in X_{affine, {\acute{e}tale}} we obtain a presentation
\bigoplus \nolimits _{k \in K} \mathcal{O}_ X(U') \longrightarrow \bigoplus \nolimits _{l \in L} \mathcal{O}_ X(U') \longrightarrow \mathcal{F}(U') \longrightarrow 0
In other words, we see that the restriction of \mathcal{F} to the localized category X_{affine, etale}/U has a presentation
\bigoplus \nolimits _{k \in K} \mathcal{O}_ X|_{X_{affine, {\acute{e}tale}}/U} \longrightarrow \bigoplus \nolimits _{l \in L} \mathcal{O}_ X|_{X_{affine, {\acute{e}tale}}/U} \longrightarrow \mathcal{F}|_{X_{affine, {\acute{e}tale}}/U} \longrightarrow 0
as required to show that \mathcal{F} is quasi-coherent. With apologies for the horrible notation, this finishes the proof that (1) implies (2).
Since the notion of a quasi-coherent module is intrinsic (Modules on Sites, Lemma 18.23.2) we see that the equivalence (74.5.0.1) induces an equivalence between categories of quasi-coherent modules. Thus we have the equivalence of (2) and (3).
Let us assume (3) and prove (1). Namely, let \mathcal{G} be a quasi-coherent module on X corresponding to \mathcal{F}. Let h : U \to U' \to X be a morphism of X_{affine, {\acute{e}tale}}. Denote f : U \to X and f' : U' \to X the structure morphisms, so that f = f' \circ h. We have \mathcal{F}(U') = \Gamma (U', (f')^*\mathcal{G}) and \mathcal{F}(U) = \Gamma (U, f^*\mathcal{G}) = \Gamma (U, h^*(f')^*\mathcal{G}). Hence (1) holds by Schemes, Lemma 26.7.3.
\square
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