Practice exam qn. Pls explain step by step. Thank you.

(a) Consider an economy where rice is the staple food and the rice market is perfectly competitive. Initially the consumers paid the market equilibrium price for rice. (i ) Using a di agram for the rice market , an alyse the market equi librium, the consumer surplus and the producer surplus. Your diagram needs to have a proper shape of the demand and supply curve that correctly reflects the demand and supply elasticities.