2) Perfect Competition (25 points) 'Wheat is produced under perfectly,r competitive condin'ons. Individual wheat farmers have Usbaped long-run average cost curves that reach a minimum average cost of $3 per bushel when 1,000 bushels are produced. a) If the market demand curve for wheat is given by Q=2,600,000 200,000P , in long- run equilibrium, what will be the price of wheat, how much total wheat will he demanded, and how many wheat farms will there be? b) Suppose that demand shifts outward to Q=3,200,000 200,000]? . If farmers cannot adjust their output in the short-run, what will market price he with this new demand curve? What will the profits of a typical farm be? c) Given the new demand curve in part [b], what will be the new long-run equilibrium? That is, calculate market price, quantity of wheat produced, and the new equilibrium number of farms in this new situation