Elmer is a monopolist in the carrot industry. His customers have formed an organization that proposes to rent the carrot patch from Elmer and operate it for the mutual good of the customers. Use a graph to illustrate the market for carrots. On your graph, show the lowest rental fee that Elmer will accept and

12.Draw a diagram illustrating the market for carrots. Make sure to clearly indicate the competitive equilibrium price and quantity, as well as the price Elmer is charging and the quantity of carrots he sells.

13.On your diagram, show the lowest rental fee that Elmer will accept.

14.On your diagram, show the highest rental fee customers are willing to pay. Does the deal get

struck?