a. In 2019, two open-pit phosphate mines were approved near Soda Springs, Idaho. For any given mineral deposit, we know that grade varies. Draw a graph which shows the relationship between phosphate grade and quantity extracted. Be sure to label all axis, curves, and title the graph Phosphate Grade/Quantity. i. Arbitrarily indicate one point on the curve that can represent relatively high grade at low quantity extracted. Label this point g1/q1. b. Circle the most appropriate word below to complete the following sentence: We know that as quantity extracted increases, grade decreases. At the same time, as quantity extracted increases, marginal cost of extraction: Increases Decreases c. The company that owns the open-pit phosphate mines near Soda Springs faces a horizontal, market price. i. Draw and label an initial market equilibrium showing how much phosphate the mines produce given the current market conditions. ii. Then, consider a situation where the costs of operating the pits have decreased due to changes in the permitting process reducing the costs to comply with environmental regulations. Alter the same graph to show the new equilibrium quantity the firm is able to produce.