Question 2 15 pts The article continues, "A change is likely coming in 2024, though, as the biggest shifts in U.S. acres, specifically lower corn and higher beans, are observed following years with a significant jump in corn stocks." Using concepts from the course, briefly describe why the situation illustrated in response to Question 1 might lead farmers to shift acres away from corn and toward soybeans.Question 3 30 pts Beginning with the side-by-side diagrams you used to answer Question 1, add additional curves to illustrate what you expect to happen to the two markets (market for corn and market for soybeans) in the long run, as the markets move to a longrun equilibrium (LRE). a) The LRE in the market for corn. b) The LRE in the market for soybeans. You should provide two sets of side-by-side diagrams in your response to this question. Do not attempt to illustrate parts (a) and (b) using the same diagram. Produce two separate sets of graphs and label them appropriately (\"i.e. \"Corn\" and \"Soybeans"l. In each set of sidebyside diagrams, show and appropriately label any shifts in curves that take place, as well as any changes in market equilibrium price and market quantity, individual rm quantity and the price faced by the individual rm, and the prot earned by the rm. Your graphs should incorporate all cost curves required for you to effectively respond to the question prompt. Show the directions of any shifts using arrows. Use subscript 1 to distinguish prices, quantities, and curves from this question from those in Question 1. \"It is rare that US. corn supplies build in a marketing year while soybean supplies slip, but that is exactly what is happening in 2023-24, keeping soybean prices relatively elevated versus corn.\" It then goes on to discuss how U.S. corn and soybean crops tend to experience similar weather conditions every year, which typically results in corn and soybean supply curves moving in the same direction. However, this past year the two diverged from each other d_ue_t9_tl3e_fa_t_th_a_t_ an unusually large number of acres were planted with corn last year (2022). Questions 1 through 5 ask you to discuss how the corn and soybean markets interact. You should assume that: o the fixed quantity of available farmland can be used either for corn or for m farmers choose which crop to plant based on their expectations of the market prices at harvest time; and 0 both markets are perfectly competitive. Question 1 "The US. Department of Agriculture pegs total US. corn supplies in 2023-24 to rise 10% on the year, while soybean inventory is seen shrinking 3%.\" Suppose that due to past conditions, the supply of corn is expected to be mg]; and the supply of soybeans is expected to be low. a) Briefly explain why high supply conditions in an industry might lead the typical firm (i.e., farm) to experience low profits in the short run, while low supply conditions in an industry might lead the typical firm to experience high profits in the short run. Your response may include an optional diagram. (10 points) Using side-by-side diagrams with market on the left and individual firm on the right, illustrate the following short-run equilibria (SREs) in the two markets under the market conditions described in the introduction (i.e., in 2023): b) An SRE in the market for corn where a typical firm earns negative economic profit. You should provide a side-by-side diagram in your response to part (b) that illustrates the market for corn and a typical firm that produces com. (15 points) c) An SRE in the market for soybeans where a typical firm earns positive economic profit. You should provide a side-by-side diagram in your response to part (c) that illustrates the market for soybeans and a typical firm that produces soybeans. (15 points) Do not attempt to illustrate parts (b) and (c) using the same diagram. Produce two separate sets of graphs and label them appropriately (\"i.e. \"Corn\" and "Soybeans\"). In each set of side-by-side diagrams, clearly show and label the market equilibrium price and equilibrium quantity, individual firm quantity, the price faced by the individual firm, and the profit earned by the firm. Assume all firms continue to operate (i.e. no shutdown). Your graphs should incorporate all cost curves required for you to effectively respond to the question prompt. Use subscript O to identify the relevant curves and points in this question (for example, by labeling your supply and demand as $0 and Do respectively)