the graph and the curve was missing for my previous post. please explaining answers are very useful
Problem 6.6. The two graphs below illustrate the market for rice (on the left) and the cost curves of Rice Right, a typical rice farm (on the right). (a) (\"Mull an are an ran can use me to a 100 sea see 400 too see monies (mil-miner) Measure Units Initial ion-Do Smn mil. tons/year tons/year pos. neg. 0 Mark the initial equilibrium (i.e., as drawn)' in the market graph with the letter A. Add any relevant information from the market equilibrium to the right graph, and mark the point that denes Rice Right's quantity supplied with the letter a. Fill in the Initial column with the equilibrium values of price p and market quantity Q and Rice night's prot-maximizing quantity q: also indicate whether Rice Right's prot r is positive, negative. or zero. Economics 200 52021: Prof. Lisa M. George Exercise 6: Costs 8r. Competition Name: (bl (Cl (d) (0 The government starts subsidizing ethanol fuel, a rice-based substitute for gasoline. The program increases rice demand by 300 million tons per year. In the market graph. illustrate the new demand curve, and mark the new equilibrium point with the letter B. Also, illustrate Rice Right's prot-maximizing point with the letter b. Fill in the table's short run (SR) column. At point h, Rice Right's prot is '3 positive [1 negative so rms rice farming. In the intermediate run, entry or exit changes supply by 150 million tons per year. (You decide whether the change is an increase or a decrease.) Plot the new short-run supply curve in the intermediate run. Mark the intermediate-run equilibrium point with the letter C. carry the relevant equilibrium information over to Rice Right's graph, and mark Rice Right's prot-maximizing point in the intermediate run with the letter c. Fill in the table's intermediate run (IR) column. The long-run equilibrium price is per ton. In the long-run equilibrium, enough rms enter rice farming to increase rice supply by - tons per year (at each price). Draw the short-run supply curve in the long-run equilibrium. " ark the long-run equilibrium with the letter D1 carry the relevant information over to Rice Right's graph1 and mark Rice Right's prot maximizing point in the long run with the letter cl. Fill in the table's long run (LR) column. The government subsidy El increases El decreases El doesn't affect the prot of rice farm- ers in the long run