in 2015, the average variable cost of producing wheat in Canada was close to $5 per bushel Suppose that technological progress reduces the average variable cost to $2 per bushel. Use a gure to show how this change affects the supply curve of a typical competitive firm and the supply curve of all the firms in the market. 1.) Using the line drawing tool, graph the supply curve for a typical competitive firm when the average variable cost of producing wheat is $5 per bushel Label this s 2.) Using the line drawing tool, graph the supply curve for a typical competitive firm when the average variable cost of producing wheat is $2 per bushel Label this 's Be sure to start both of your supply curves at the vertical axis Carefully follow the instructions above, and only draw the required objects 1.) Using the line drawing fool, graph the supply curve for all firms when the average variable cost of producing wheat is $5 per bushel Label this 's 2) Using the line drawing fool, graph the supply curve for all firms when the average variable cost of producing wheat is $2 per bushel Label this "S² Be sure to start both of your supply curves at the vertical axis. Carefully foll follow the instructions above, and only draw the required objects. PS per bushel of wheat 10 & Q, bushels of wheat odo
in 2015, the average variable cost of producing wheat in Canada was close to $5 per bushel Suppose that technological progress reduces the average variable cost to $2 per bushel. Use a gure to show how this change affects the supply curve of a typical competitive firm and the supply curve of all the firms in the market. 1.) Using the line drawing tool, graph the supply curve for a typical competitive firm when the average variable cost of producing wheat is $5 per bushel Label this s 2.) Using the line drawing tool, graph the supply curve for a typical competitive firm when the average variable cost of producing wheat is $2 per bushel Label this 's Be sure to start both of your supply curves at the vertical axis Carefully follow the instructions above, and only draw the required objects 1.) Using the line drawing fool, graph the supply curve for all firms when the average variable cost of producing wheat is $5 per bushel Label this 's 2) Using the line drawing fool, graph the supply curve for all firms when the average variable cost of producing wheat is $2 per bushel Label this "S² Be sure to start both of your supply curves at the vertical axis. Carefully foll follow the instructions above, and only draw the required objects. PS per bushel of wheat 10 & Q, bushels of wheat odo
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:In 2015, the average variable cost of producing wheat in Canada was close to $5 per bushel
Suppose that technological progress reduces the average variable cost to $2 per bushel. Use a
figure to show how this change affects the supply curve of a typical competitive firm and the
supply curve of all the firms in the market.
1.) Using the line drawing tool, graph the supply curve for a typical competitive firm when the
average variable cost of producing wheat is $5 per bushel. Label this s
2.) Using the line drawing tool, graph the supply curve for a typical competitive firm when the
average variable cost of producing wheat is $2 per bushel. Label this 's
Be sure to start both of your supply curves at the vertical axis.
Carefully follow the instructions above, and only draw the required objects
1.) Using the line drawing tool, graph the supply curve for all firms when the average variable cost
of producing wheat is $5 per bushel Label this 's
2) Using the line drawing tool, graph
of producing wheat is $2 per bushel. Label this "S
Be sure to start both of your supply curves at the vertical axis.
Carefully follow the instructions above, and only draw the required objects.
the supply curve for all firms when the average variable cost
p, $ per bushel of wheat
10
9
B
2
Q, bushels of wheat
2
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