1. (10 points) Demand and Supply of Hemp You are a hemp farmer operating in a perfectly competitive market for hemp. Suppose the hemp crops overall suffered during this growing season, due to bad weather reducing the crop yields. a. (6 points) What is the effect on price and quantity in your market? Explain, and include a well labeled graph in the space below to illustrate. b. (4 points) Suppose the overall market demand for hemp is price-inelastic. Will there be a negative, positive, or zero impact on expenditures (total revenue) in the market overall for you and your fellow hemp farmers, given your analysis in part a? (This would apply to the market, not necessarily to you individually.) Explain