Hello this is the question I need help with

1. Suppose the industry of all farms planting heans is now in a perfectly competitive long- run equilibrium, and all farms have zero fixed cost for planting. Recent regulation in the market of fertilizers raises the price of bean fertilizer and therefore the marginal and average costs of all the farms in this industry. Note that magg'nal and average cost carves both experience a parallel shi up by the same amount. Please use the graphical tool learned from this class to analyze the following changes to individual farms and to the entire industry: (a) (8 points) Set up a diagram for both individual rms and the industry, to show the long- run equilibrium before the fertilizer shortage. Clearly mark the market price (p), individual supply (q), and the industry supply (Q). (b) (15 points) Suppose the fertilizer shortage takes place but the price for beans has not yet adjusted accordingly (no entry or exit either). How much will each existing farm produce (mark your answer as q] on the same graph) and how much prot or loss are they getting (make with a shaded area on your graph)? (0) (18 points) As time goes by, will this industry experience any entry or exit? How will the price start to adjust? Explain your answer. Mark on your graph the new long-run industry supply, the new equilibrium market price (p'), the new individual supply (q'), and the new industry supply (Q')