2. Numerical analysis of supply and demand: The following demand and supply functions describe the global market for wheat: Qd=240P +3PC (3) Q. =9+134P (4) where P is the price per bushel of wheat, PE is the price per bushel of corn, and ad and Q; are the quantity demanded and the quantity supplied of wheat in thousands of bushels. (a) Assuming that PC = 21, graph the market with a clearly labeled graph and calculate the equilibrium price (P*) and quantity (Q*) for the market ofwheat. (b) What is the price elasticity of supply at the equilibrium price and quantity you found in part (a). Interpret your numerical result. ((3) Find the crossprice elasticity for wheat and corn at the market equilibrium. Interpret your numerical result. (d) What impact would a decrease in the price of corn to PC = 7, due to ideal conditions for corn crops during the growing season, have on the market equilibrium? Calculate the new equilibrium price (P**) and quantity (Q**) for the market of wheat and illustrate the changes on your graph from part (a)