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1. Corn is used for food and in the production of ethanol, an alternative fuel. Assume corn is produced in a perfectly competitive market. a. Draw correctly labeled side-by-side graphs for the corn market and a representative corn farmer. On your graphs show each of the following. i. The equilibrium price and quantity in the corn market, labeled Pm and Qm, respectively. ii. The prot maximizing quantity of corn produced by the representative farmer earning zero economic prot, labeled Qf The graph shows the cost price, curves of a rm in a perfectly costs MC competitive market. Which of the following are true at the "R'P'AR'D rm's prot maximizing level of TC output? AVC Average revenue equals marginal cost The firm is earning economic prots Marginal Cost equals average total cost The firm should continue to operate in the short run 1599!\"? A competitive rm is producing where MR=MC. It also faces the following cost and revenue data. What should it do to in the short run? Stay Open and continue earning a prot Stay open to minimize losses Shut down temporarily to minimize losses. Exit the market to minimize losses. Increase price to increase its revenue. O