3. The following quotes are taken from the article, "Soybeans Fall on Fair Weather," (Wall Street Journal, September 2, 2009, pg. C14). Due to copyright rules, I cannot distribute it directly. However, it is accessible through the university library. Instructions on how to do so are here: https://faq.library.illinois.edu/faq/84368. Once you get to the search page, type the title of the article into the search bar and it will be the first hit. Note: you don't need to read the whole article to answer the questions below. a) Although the total size of the harvest of a particular crop like soybeans in the fall is limited by how much was planted in the spring, there are costs associated with harvesting, processing, and transporting the crop to market. Explain how these costs will result in an upward sloping supply curve. Begin by drawing a supply-demand diagram for soybeans. Label the initial supply and demand curves S and D. Each of the following parts asks you to relate a statement from the article to changes in the equilibrium. If the statement suggests a shift in supply, label the new supply curve S. If it suggests a shift in demand, label the new demand curve D. If the article suggests more than one shift, label the curves S, S, etc. For our purposes, we will not differentiate between the soybeans futures market and the spot market. Explain you diagram in a sentence or two. b) "Soybean[s] tumbled to their lowest level in nearly two weeks benign crop weather and broad-based financial-market weakness. amid forecasts for c) "Prices for soybeans... had rallied previously on supply concerns. Supplies from last year's harvest are tight and there were worries that the crops currently growing would be subject to an early freeze that would kill immature crops." d) "But beneficial crop weather in the Midwest, where most soybeans are grown, along with falling crude-oil prices ... and a firmer U.S. dollar, was the perfect formula to pressure prices [in a downward direction]." Note: a stronger U.S. dollar makes exports less attractive, and in a typical year much of the U.S. soybean crop is sold abroad. e) "The supply worries come on the heels over strong demand from China, the number one importer of soybeans. China has turned to the U.S. for the oilseed because of reduced supplies from Brazil and Argentina, the second- and third-largest suppliers." Consider total demand as being made up of demand from the U.S. and China, and total supply as being made up as supply from the U.S., Brazil, and Argentina.