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A farm producing wheat has the short-run supply curve Qi=4+0.1P, where P is the wheat price in dollars per Ton, and Qi is the quantity
A farm producing wheat has the short-run supply curve Qi=4+0.1P, where P is the wheat price in dollars per Ton, and Qi is the quantity of wheat produced by this single farm measured in thousand Tons. Suppose there are 20 such identical farms competing sufficiently in the wheat market, and the market demand for wheat is Q=8202P where Q is the total quantity of wheat produced by the whole industry measured in thousand Tons. 1. Find the equation for the short-run industry supply curve. The short-run industry supply function is given by Q= (a function in terms of integers and/or P ). 2. Find the market equilibrium. The market equilibrium price is (an integer) dollars per Ton, and the market equilibrium quantity is (an intger) thousand Tons. 3. What is the total net benefit for the 20 farms from participating in the market? The total net benefit for the 20 farms from participating in the market is (an integer) thousand dollars
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