1. Corn is used as food and as an input in the production of ethanol, an alternative fuel. Assume com is produced in a perfectly competitive market. {a} Draw correctly labeled sidea-byside graphs for the corn market and a representative oorn farmer. On your graphs show each of the following. {i} The equilibrium price and quantity in the com marketI labeled PM and OM. respectively {ii} The profit-maximizing quantity of corn produced by the representative farmer eaming zero economic prot, labeled Q].- (b} Assume the demand for ethanol increases. [in your graphs in part {a} show what will happen to each of the following in the short run. {i} The market prioe and quantity of oorn, labeled 1" and Q" {ii} The area of the prot or loss earned by the representative com farmer. shaded oompletely {c} Relative to your answer in part {b}, state what will happen to the market equilibrium price and quantity of corn in the long run. Explain. {d} Soybeans are produced in a perfectly competitive market. Assume farmers can grow either corn or soybeans on the same land. 'In'r'hat happens to the price of soybeans in the next planting season if the price of com increases? Explain