(Solved): create a visual graph from me to properly visualize ans see to share with class for understanding ab ...

a. [5 pts] Farmers are able to insure their crop against the possibility of a drought. Because of the abnormally dry summers in the recent past, insurance companics have increased the price of drought insurance. Note that the cost of insurance does not depend on how much the farmer actually grows. Assume that the market is in long-run equilibrium before the insurance rate increase and all farmers face the same costs. Graphically depict what happens in the market for wheat and for a representative firm in the short run when insurance costs increase. Is the wheat farmer making a profit or loss in the short-run? (label the profit or loss on the graph) Make sure you label all axes, shifts, curves, ete. b. [5 pts] Depict what happens in the market for wheat and for a representative firm in the long-run when insurance costs increase. Make sure you label all axes, shifts, curves, etc.