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Question 4 Assume the market for wheat in Australia is perfectly competitive, and exports or imports of wheat are not permitted. At the current market equilibrium, the price is $11 per bushel, and the quantity is 10,000 bushels. a) Using two side by side diagrams to demonstrate the market equilibrium for wheat and a representative farmer's prot-maximization point. b) Comment on the following statement: \"At the competitive equilibrium, the total gain from trade is maximum and any individual farmers have no incentive to increase or decrease production.\" 0) Now, given the increase in wheat prices in international markets, suppose that all farmers in Australia get together to form a cartel, so that they could jointly cut the supply of wheat to the domestic market to 8,200 bushels and raise the price to $14 per bushel. How does this change in market structure affect the total surplus? d) In general, do you think the price elasticity of demand for wheat is elastic or inelastic