Assume that the market for wheat is perfectly competitive, Business Economics

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Assume that the market for wheat is perfectly competitive

Assume that the market for wheat is perfectly competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q.

A) Graph the ATC, AVC, AFC, MC, and MR curves for the firm.

B) What is the profit maximizing quantity of output for the firm?

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Business Economics: Assume that the market for wheat is perfectly competitive

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