6 . Short-run equilibrium Consider a perfectly competitive market for wheat in Vancouver. There are 90 firms in the industry, each of which has the cost curves shown on the following graph: (?) 100 MC O 70 80 ATC COST (Cents per bushel) 50 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 OUTPUT (Thousands of bushels)The following graph shows the market demand for wheat. Use the orange points (square symbol) to plot the short-run industry supply curve for the wheat industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both axes.) (?) 100 Demand -0 Supply Curve 80 70 60 Equilibrium 50 PRICE (Cents perbushel ) 40 30 20 10 0 450 900 1350 1800 2250 2700 3150 3600 4050 4500 QUANTITY (Thousands of bushels) At the current short-run market price, firms will in the short run. In the long run, the market given the current market price.The following graph shows the market demand for wheat. Use the orange points (square symbol) to plot the short-run industry supply curve for the wheat industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both axes.) 100 Demand -O Supply Curve 70 80 Equilibrium 50 PRICE (Cents perbushel) 40 30 20 0 450 0 1350 1800 2250 2700 3150 3600 4050 4500 QUANTITY (Thousands of bus produce shut down At the current short-run market price, firms will in the short run. In the long run, the market given the current market price.The following graph shows the market demand for wheat. Use the orange points (square symbol) to plot the short-run industry supply curve for the wheat industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both axes.) (?) 100 Demand -0 Supply Curve 80 70 80 Equilibrium 50 PRICE (Cents perbushel) 40 30 20 10 450 900 1350 1800 2250 2700 3150 3600 4050 4500 some firms will enter QUANTITY (Thousands of bushels) firms will neither enter nor exit some firms will exit At the current short-run market price, firms will in the short run. In the long run, the market given the current market price