please provide solution of the above question in very detail

3. Genetically modified soybean seed is an example ofa new production technology that has increased soybean productivity. As a result, this new technology production costs and the supply of soybeans. {5%} i. raised; increased ii. lowered; decreased lowered; increased ' . raised; decreased Suppose that farmers can use their land to grow and sell soybeans and cotton. How would farmers respond to rising cotton prices? (5%) i. By producing less cotton and more soybeans ii. By decreasing the supply of soybeans and producing more cot-ton By increasing the supply of soybeans and cotton ' . By decreasing the supply of soybeans and cotton If the price of crude oil falls (5%] i. The profits ofoil refineries will increase ii. Employment in the manufacturing sector will fall iii. Iran will go to war against Saudi Arabia iv. The price of fuel at the forecourt will decrease 6. The price of good Y decreases by 15% and the quantity of good X sold increases by 4%. What is the cross-price elasticity of demand for good X with respect to good Y? How are good X and good Y related? (10%) 7. The demand equation is 0" = 15 P. If the price increases from P: 6 to P = E7, what is the price elasticity of demand? {15%) 8. George bought a train set from Toys4Ever Shop. He paid 240 for the set and received consumer surplus of 125. What was George's willingness to pay for the train set? a. 240 b. 365 c. 241 d. 125 {5%}