QUESTION Use the following data to answer the following question. The following schedules reect the quantity demanded and quantity supplied of bushels of corn Price (5) Quantity supplied Quantity demanded _\"\" ii. Draw a well labeled graph showing the demand and supply curve for corn and identify the equilibrium price and quantity from the data provided above. (1 mark) What type of product is com in terms of elasticity of demand? You need not calculate the elasticity to explain your answer. Based on the characteristics of the product, identify the elasticity of demand feature associated with this product. (1 mark out of which 50% is allotted for quality of explanation.) iii. Consider the following graphs for the market of corn. a. For EACH of the graphs, suggest a reason for which the curve shifts have occurred. Grade is allocated for innovative and original ideas. (1x4 = 4 marks) b. For EACH of the graphs, identify if there is a change in quantity demanded, change in quantity supplied, change in demand and a change in supply. (1x4 = 4 marks) (D)