Assume the wheat market continues to experience the short-run supply disruption that you modeled in Question 8. However, farmers in the U.S. have been making planning decisions in the past few weeks and many are diverting land to wheat production away from corn and soybeans. The Economist article indicated that Brazilian farmers will make similar planting decisions, switching from corn and soybeans to wheat when they make their new season plans in September. Analyze the impact of this switch on the market for wheat.

• On the same graph you produced in Questions 6 and 8, graphically depict any changes affecting the market for wheat caused by the decision of many U.S. farmers to grow more wheat.
• Assume that after these North and South American farmers ramp up their wheat production, the market will move to a new Long Run Equilibrium (LRE).
• Indicate the new market equilibrium P₂ and Q₂, the optimal output of an individual firm representative of the other firms in the industry at this LRE (labeled as q₂), and the individual firm's profit ₂, if any (shaded and clearly labeled).
• Reminder: be sure to label all relevant points and axes.