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3. Total Revenue Test: Several years ago, flooding along the Missouri and the Mississippi Rivers destroyed thousands of acres of wheat. Farmers whose crops were destroyed by the floods were much worse off after the flood, but farmers whose crops were not destroyed benefited from the floods. a. Draw this event in a supply and demand framework. Label your supply and demand curves and your price and quantity axis. Identify the equilibrium price and quantity in your graph. (You will not know the numbers} b. Use the calculation of total revenue in your picture to explain how farmers whose crops weren't destroyed are better off after the flood. Be sure to explain how revenue is calculated and what happens to revenue for farmers in both positions. c. What information would you need to know about the elasticity of demand for wheat to assess whether farmers as a group were hurt or helped by the floods? Remember, you don't know the specific prices and quantities in this scenario so you can't just calculate things. Draw your answer in a supply and demand framework to help support your explanation