What price will this individual farmer charge for a bushel of wheat?

for wheat. The price is per bushel Show more The chart below depicts the current perfectly competitive market for wheat. The price is per bushel (bu) and the quantities are in millions of bushels. Price Market demand Market Supply $1 800 100 $2 750 225 $3 667 300 $4 600 420 $5 540 475 $6 525 525 $7 480 600 Draw the market demand curve and supply curve. What is the equilibrium price of wheat in the market? How much wheat will be produced at equilibrium in this market? The chart below depicts the typical cost data for an individual wheat farmer. Quantity Total cost Marginal cost Average total cost MR TR Profit 0 $10 10 $90 20 $150 30 $190 40 $225 50 $285 60 $365 70 $465 80 $585 What price will this individual farmer charge for a bushel of wheat? DRAW the following: ATC curve demand curve Marginal cost curve What output level will this farmer produce to maximize his profits How much profit will the farmer earn? Show less

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