The following table shows the quantities of corn supplied and demanded (in bushels) at different prices:Q. Surplus or Shortage(-)110 Determine the amount of shortage/surplus at each price level, and determine the equilibrium price and quantity of corn. Draw the demand curve and the supply curves.Draw and explain the effect of an increase in supply and its impact to price.and quantity4. Consider a firm that has a fixed cost of $60. Complete the following table:MC1018304565
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