The March 28, 2021Wall Street Journalissue had a story titled "U.S. Farmers Vie for Land as a Grain Rally Sparks Shopping Spree."(It is not necessary for you to read the article; we will provide all relevant information in the questions we ask). For Question 1, consider the market for corn in August 2020, a period where grain prices were quite low and the market for corn was in a short-run equilibrium.

• Draw a graph that shows supply and demand analysis for corn in August 2020 (put P on the vertical axis and Q on the horizontal axis). This graph will serve as a starting point for your analysis in Questions 2 and 3.
• In drawing this graph, please assume that the demand curve is downward sloping and supply curve is upward sloping
• Clearly show the market equilibrium in August 2020.
• Label the supply curve asS₀; demand curve asD₀; the equilibrium price asP₀; and equilibrium quantity asQ₀.