Okay, we're in chapter nine, still with the 1920s. And I wanna look at a couple of things under the presidency of Warren G. Harding, who became president of course, after World War One. He was president between 1921 and 1923 and then unfortunately died of a stroke. But the first program, the first program I wanna talk about is the Capper-Volstead Act. But to do so, I have to talk about what was going on with farmers. And farmers over the twenties, generally as a whole, were suffering, especially small farmers. The reasons are similar to in the late 1800s, we do have technological advances such as gasoline powered tractors that have headlights that can, do work past midnight and that's causing farm prices to fall. But there's a couple other things that are causing farm prices to fall too. And the two things that I wanna focus on are that after, well during World War One, the rest of the world is dependent on the United States for food because their farms are destroyed. And so after World War One, the supply, the world's supply of food, because Europeans rebuild their farms, increases, which causes the world price to fall. That is also true because foreign tariffs on US food are also increasing, which, which causes essentially the price that we can sell food to fall too, and I'll explain that. So the model that I'm going to use to show this is from appendix five with international trade. And we used this model last when we looked at the Anaconda Plan under the Civil War. So we have quantity and price and supply and demand. But supply is going to be domestic supply and demand is domestic demand meaning that this is supply and demand just within the United States. So I'll write US, without any international trade we learned that we get an equilibrium price here, we get an equilibrium quantity. But in agriculture during World War One, the world price of food was very high. And so we traded with the rest of the world, meaning we were trading at this world price right here. And this means that domestic consumption is here and domestic production within the United States is here. And the difference, we were exporting. So what happens when Europeans rebuilt their farms after the war and foreigners put higher tariffs on our exports is that depresses the price that we can sell the food for, I'll write food, and the world price falls. So that is going to cause our production to fall. So from here to here, the quantity supplied is going to fall. This obviously makes farmers worse off because they're producing less and selling it at a lower price. So producer surplus falls. Farmers in the United States are worse, but there is one group that is better off. And who is that? It's the domestic, or the United States, buyers, US consumers of food. Because with the lower price, this means that the quantity demanded for the food rises. And if you're a city dweller, life's looking good for you because there's technological advances, you're buying all sorts of neat new things like radios and refrigerators. A lot of apartments now have electricity, indoor plumbing is a thing that's growing too. So here, when the price of food falls for the rest of the world, if you live in a city, you're gonna be better off because the price that you're buying your food for is lower, and so you're gonna buy more. This obviously causes consumer surplus to rise. We could write letter areas on this graph to show it. But by this point, you should really know how to find producer and consumer surplus on your own because I've been showing you many times before. But consumer surplus is higher, so the buyers are better. Of course, this new difference is the new amount of exports. So exports are gonna fall. We use X for exports in economics. Exports are gonna fall. And the last thing to say about this graph is that total surplus is going to fall because the gains from trade are gonna be, of course, lower. So this is gonna hurt society as a whole in the United States. But there, there is a benefit to the buyers of the food.