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Problem 6.7. The graph below replicatesthe marketgraph from Problem6.6. P (S/ton) Supply (a) Add your points A, B, C, and D to this graph 400

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Problem 6.7. The graph below replicatesthe marketgraph from Problem6.6. P (S/ton) Supply (a) Add your points A, B, C, and D to this graph 400 350 (b) The graph includes the initial shortrun supply curve. Draw and label the intermediate-run and 300 long-run supply curves. 250 (c) The intermediate-run supply of corn is 200 more less 150 elastic than the shortrun supply, and the long-run supply of corn is 100 Demand perfectly inelastic perfectly elastic unit elastic 50 0 100 200 300 400 500 600 700 Rice (mil. tons/year)

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