will, jill, and phil are all wheat farmers. the wheat industry is perfectly (purely) competitive. the first chart shows how much 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 and a second for the long run.
Short-run Quantity Supplied
Price, $ Will Jill Phil
2.00 4 2 0
4.00 6 4 2
6.00 9 5 4
8.00 12 8 6
Firm Will Jill Phil
Minimum ATC, $ 2.50 5.00 7.00
Minimum AVC, $ 1.00 2.00 2.50
Minimum MC, $ 0.50 1.00 2.00
Supply curve
The supply curve is a graphical depiction of the market supply of products and services sought by customers and released by the manufacturer to meet those demands. Thus, a supply curve depicts the connection between the price of an item or service and the amount delivered over a specific period.

Question

30-11-2022
Business

contestada

will, jill, and phil are all wheat farmers. the wheat industry is perfectly (purely) competitive. the first chart shows how much 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 and a second for the long run.
Short-run Quantity Supplied
Price, $ Will Jill Phil
2.00 4 2 0
4.00 6 4 2
6.00 9 5 4
8.00 12 8 6
Firm Will Jill Phil
Minimum ATC, $ 2.50 5.00 7.00
Minimum AVC, $ 1.00 2.00 2.50
Minimum MC, $ 0.50 1.00 2.00
Supply curve
The supply curve is a graphical depiction of the market supply of products and services sought by customers and released by the manufacturer to meet those demands. Thus, a supply curve depicts the connection between the price of an item or service and the amount delivered over a specific period.

Respuesta :

Otras preguntas

A baseball diamond is a square that is 90 feet on each side. How far is it from home plate to second base? Round to the nearest hundredth. 90.50 feet 97.50 feet

Factor the expression x-x^2y^2

what is a medicine that stimulates the body's immune response to make disease-fighting molecules to attack a specific pathogen?

Which of these provide endocrine functions for both males and females Options: 1. Pituitary glands 2. LH 3. Testicles 4. Placenta 5. FSH

Why did Spain set-up colonies in the New World? A. To set up a fur trading industry. B. To make homes for people in Spain. C. To capture slaves to sell to

Which verb form correctly completes this conversation? Fernando: Debemos crear nuevas canciones en el próximo concierto. Isabella: Sí, _____ escribiendo nueva

You may have heard through various media of an animal alleged to be the hybrid of a rabbit and a cat. Given that the cat (Felis domesticus) has a diploid chromo

Which sentence represents the inequality -2b + 7 > 27.5? A)Two times a number, plus seven, is less than twenty-seven and five tenths. B)Two times a number, p

Which organisms always have groups of cells organized into tissues?

Which sentence is in the subjunctive mood? Mother wanted them to wash their hands before dinner. Please wash your hands before every meal. Did you wash your han

QWpurple QWpurple · Answer 1 · 2022-12-03T12:35:48+01:00

The market supply of goods and services that consumers want and that producers release to satisfy those wants are represented graphically by the supply curve. Consequently, a supply curve shows the relationship between the cost of an item or service and the volume delivered over time.

P=MC represents the short-run supply, where P is bigger than the AVC (i.e., above AVC minimum). The following table shows the short-run supply.

Price Will Jill Phil Total (Short-term Supply)

$2 4 2 0 6

$4 6 0 0 12

$6 9 5 4 18

$8 12 8 6 26

The total of all three production levels at each price would represent the short-term supply.

Long-term supply would be kept to a bare minimum by the ATC. The table would appear as follows:

Price Will Jill Phil Total (Short-term Supply)

$2 0 0 0 0

$4 6 0 0 6

$6 9 5 0 14

$8 12 8 6 26

When the lowest (possible) price exceeds ATC's lowest (possible) price, there will be a long-term supply. This is how the graph would appear. (Graph is attached in the image section)

To know more about Supply Curve, refer to this link:

https://brainly.com/question/11717727

#SPJ4