Will, Jill, and Phil are all wheat farmers. The wheat industry s perfectly (purely) competitive. The first chart shows how nuch each farmer produces at different price levels. The second chart shows each farmer's minimum average total cost ATC), average variable cost (AVC), and marginal cost (MC). Based on this data (assuming these three are the only producers), plot the industry supply curves: one for the short un and one for the long run. Price 10 9 8 7 6 5 4 3 2 1 Long-run Shoustrynsimplytry supply Price $2.00 $4.00 $6.00 $8.00 Will 4 6 9 | 12 Firm Minimum ATC Minimum AVC Minimum MC Jill Phil 2 0 4 2 5 4 8 6 Will Jill Phil $2.50 $5.00 $7.00 $1.00 $2.00 $2.50 $0.50 $1.00 $2.00

Will, Jill, and Phil are all wheat farmers. The wheat industry s perfectly (purely) competitive. The first chart shows how nuch each farmer produces at different price levels. The second chart shows each farmer's minimum average total cost ATC), average variable cost (AVC), and marginal cost (MC). Based on this data (assuming these three are the only producers), plot the industry supply curves: one for the short un and one for the long run. Price 10 9 8 7 6 5 4 3 2 1 Long-run Shoustrynsimplytry supply Price $2.00 $4.00 $6.00 $8.00 Will 4 6 9 | 12 Firm Minimum ATC Minimum AVC Minimum MC Jill Phil 2 0 4 2 5 4 8 6 Will Jill Phil $2.50 $5.00 $7.00 $1.00 $2.00 $2.50 $0.50 $1.00 $2.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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