Now analyze the impact of the war in Ukraine on the market for wheat. The war has dramatically decreased wheat production in Ukraine, one of the major producers of wheat prior to the war. Assume the war significantly reduces the supply of wheat and that there are no changes to the demand for wheat.

• On the same graph you produced in Question 6, graphically depict any changes affecting the market for wheat and any changes that impact the individual firm.
• Show the movements of the curves (if any) and the new Short Run Equilibrium (SRE).
• Indicate the new market equilibrium P₁ and Q₁, the optimal output of an individual firm representative of the other firms in the industry at this SRE (labeled as q₁), and the individual firm's profit ₁, if any (shaded and clearly labeled).
• Reminder: be sure to label all relevant points and axes.