# Problem set 6H Perfect Competition and Monopoly Part 1 Perfect competition 10 points: The chart below depicts the current perfectly competitive…

Problem set 6H Perfect Competition and Monopoly

Part 1

Perfect competition 10 points:

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.

PriceMarket demandMarket Supply

\$1800100

\$2750225

\$3667300

\$4600420

\$5540475

\$6525525

\$7480600

A)Draw the market demand curve and supply curve.

B)What is the equilibrium price of wheat in the market?

C)How much wheat will be produced at equilibrium in this market?

The chart below depicts the typical cost data for an individual wheat farmer.

QuantityTotal costMarginal cost

Average total cost

MRTR

Profit

0\$10

10\$90

20\$150

30\$190

40\$225

50\$285

60\$365

70\$465

80\$585

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

E)DRAW the following: ATC curve, demand curve, Marginal cost curve

F)What output level will this farmer produce to maximize his profits

G)How much profit will the farmer earn?

Show more

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
• 24/7 support
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
• Expert Proofreading
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

### Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

### Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Order your essay today and save 10% with the coupon code: best10