This question has graphs that you need to construct as part of your answer. Please go to this site to make your graphs: https://www.draw.io/ Start with a basic diagram and add in all the parts needed to make the correct graph for your answer. When you're done, save your work or take a screenshot and then attach the image file to the test question here before moving on. Before you finish, check your work! Are the horizontal and vertical axes labeled correctly? Does every line have a label? Are shifts shown with directional arrows? Did you show changes in equilibrium points by labeling new one and showing changes in levels on the axes? Corn is used as food and as an input in the production of ethanol, an alternative fuel. Assume corn is produced in a perfectly competitive market. A. Draw a 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 profit-maximizing quantity of corn produced by the representative farmer earning zero economic profit, labeled QF B. Assume the demand for ethanol increases. On your graphs in part A show what will happen to each of the following in the short run. (i) The market price and quantity of corn, labeled P* and Q* (ii) The area of the profit or loss earned by the representative corn farmer, shaded completely. C. Relative to your answer in part B, state what will happen to the market equilibrium price and quantity of corn in the long run. Explain. D. Soybeans are produced in a perfectly competitive market. Assume farmers can grow either corn or soybeans on the same land. What happens to the price of soybeans in the next planting season if the price of corn increases? Explain. E. Assume instead that the government sets a binding price ceiling in the corn market. Draw a new correctly labeled graph for the corn market and show each of the following. (i) The Binding price ceiling, labeled PC (ii) The quantity purchased by consumers in the corn market, labeled QP