in thousand of bushels (c) (5 points) Explain what will happen (increase/decrease) to the market surpluses calculated in 1(a) and (b) when the market equilibrium price of corn increases? Explain each case scenario.Signature: Name: Instruction: Show all your calculations in the space below 1. The diagram below represents the market demand for corn. 1.90 1.50 1.25 P ($/ bushel) 1 0.75 0 5, 000 10, 000 15, 000 Quantity (Bushels) (a) (5 points) Calculate the total consumer surplus at the market equilibrium price. Note that the quantities are in thousand of bushels b) (5 points) Calculate the total producer surplus at the market equilibrium price. [Show all your calculations in the space below] Note that the quantities are