Look at slide 3 in the "Perfect Competition, part 2" slides. The price of corn went from around $2 per bushel in 1998 to over $8 in 2012 and back down to a little under $4 by 2018 . The demand side shift in this market during this period was a permanent increase in demand starting around 2006 due to biofuel requirements. Assume that the prices in 1998 and 2018 are in long run equilibrium and the price in 2012 is in short run equilibrium. a) Is this consistent with corn production being a constant cost industry, an increasing cost industry or a decreasing cost industry? Briefly explain. b) Draw a diagram showing a long run supply curve, a short run supply curve that holds in both 1998 and 2012, and two demand curves illustrating the equilibrium in 1998, 2012 and 2018 in a way that is consistent with this price data (you do not know the quantities, you should simply indicate the direction in which they will have shifted)