5.14 Suppose that at the beginning of a year, the price of corn is $3.80 per bushel and 14 billion bushels are harvested. There are approximately 400,000 corn farmers, so the aver- age output per farmer is about 350,000 bushels. The fol- lowing graphs assume that the market for corn is initially in long-run equilibrium. Favorable weather during the year increases the total corn harvest to 16 billion bushels. Assume that no other factors affect the market for corn. Price Price (dollars and cost per (dollars per bushel) bushel) MC ATC $3.80 $3.80 D 0 14.2 Quantity 0 350 Quantity (millions of (thousands of bushels) bushels) a. What percentage of the total corn output did the aver- c. Show on the graph for the total market for corn and age corn farmer produce at the beginning of the year? b. Show on the graph for the total market for corn and the graph for the typical farm any changes that occur in the long run as a result of the increase in the corn the graph for the typical farm any changes that occur harvest. Be sure to note whether any curves shift and in the short run as a result of the increase in the corn whether there are any changes in the equilibrium price harvest. Be sure to note whether any curves shift and or the equilibrium quantities. whether there are any changes in the equilibrium price or the equilibrium quantities