Complete all elements of the questions below. Be sure that your graph has all required elements labeled correctly and accurately. On your free response answers, please be concise in 1your answer. Read the following and use it to answer the following questions: James owns a factory that produces fuel from biowaste and sells the fuel to the agricultural industry. He holds a patent on this new process he has titled James's Super Fuel. Your answers to the next questions will rely on your interpretation of the type of market. Please draw accurately and clearly. Discrepancies in your drawings will result in reductions in your grade. For accurate depictions, feel free to use a larger graph area than the one provided. a. Draw a correctly labeled graph that would represent James's profit maximizing output and price in the industry for his unique product. Be sure to represent all revenue, demand, and relevant cost curves. (4 points for an accurately labeled graph) b. Explain the level of efficiency of the price and output James is operating at. (2 points) c. Define and shade the area of economic profit (2 points) d. Define consumer surplus for this product. (2 points)e. Imagine James would like to capture a larger the consumer surplus you identified in part C. What three factors need to be present for James to be able to capture the consumer surplus of his customers? (3 points for identify the items and name for this situation)Complete all elements of the questions below. Be sure that your graph has all required elements labeled correctly and accurately. (in your free response answers, please be concise in your answer. Soybeans are an agricultural product created W competitive market. For your answers to the questions, please draw accurately and clearly. Discrepancies in your drawings will result in reductions in your grade. For accurate depictions, feel free to use a larger graph area than the one proyided. 1. Draw correctly labeled side-by-side graphs ofthe soybean market and an indiyidual farmer. On your graphs show each of the following: a. The long-run equilibrium price and quantity in the soybean market, labeled with price and quantity. b. The profit maximizing quantity of soybeans produced for a farmer earning zero economic profit, labeled correctly. c. Assume the demand for Tofu {made from soybeans} increases. {in your graphs, show what will happen to each of the following in the short run. d. The market price and quantity of soybeans; labeled correctly. e. The area of profit or loss earned by the soybean farmer, shaded completely. f. Explain what will happen to the equilibrium price and quantity for soybeans in the long run? Explain. g. Assume a farmer can grow either corn or soybeans in a competitiye market. What is likely to happen to the price of corn in the next growing season if the price of soybeans increases? Explain