4. Use following site on the market price of soybeans:https://bit.ly/36LTHIW to answer the following questions.

a. What was the average closing price of soybeans in 2020 and the average closing price of soybeans in 2023?

b. Suppose the breakeven price - which is the price needed to cover all economicaverage costs (including implicit costs) equals $12/bushel. Their explicit average costs equal $9/bushel. Use the average 2023 prices to calculate the accounting and economic profits for a soybean farmer that produced 12,000 bushels in 2022.

c. Suppose the breakeven price of soybeans is $12/bushel.Given the 2023 average closing price of soybeans, what can we predict will happen in the long run to the market supply or demand, the market price, and the economic profits of soybean farmers?Briefly explain.