(a) Assume that Farmer Fred is making zero economic profit in the short run. Draw a correctly labeled side-byside graph for the corn market and for Farmer Fred and show each of the following. (i) The equilibrium price and quantity for the corn market, labeled as PM1 and QM1, respectively (ii) The equilibrium quantity for Farmer Roy, labeled as QF1 (b) For Farmer Fred's corn, is the demand perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unit elastic? Explain. (c) Corn can be used as an input in the production of ethanol. The demand for ethanol has significantly increased. (i) Show on your graph in part (a) the effect of the increase in demand for ethanol on the market price and quantity of corn in the short run, labeling the new equilibrium price and quantity as PM2 and QM2, respectively. (ii) Show on your graph in part (a) the effect of the increase in demand for ethanol on Farmer Fred's quantity of corn in the short run, labeling the quantity as QF2. (iii) How does the average total cost for Farmer Fred at QF2 compare with PM2? (d) Corn is also used as an input in the production of